Wednesday, July 22, 2009
Midday Briefing for July 22nd: Compressing the Trading Range
Here is a look at how we stand at the end of today's trade. Notice the compressed trading range, as we've experienced significant resistance at the 955-956 level in the S&P 500 e-mini (ES) futures, but have also made higher lows day over day. Today's trade peeked above yesterday's highs, only to fall back toward the middle of the day's range. We registered only about 1665 20-day highs on the day across the NYSE, NASDAQ, and ASE, down from almost 2300 highs on Tuesday. I'll need to see expanded upside participation on any tests of the range highs to play for an upside breakout; today's and Tuesday's low prices give us clear short-term targets to the downside should we fail to take out the range highs in early trade tomorrow.