Tuesday, April 13, 2010

Midday Briefing for April 13th: More Range Trade

We're seeing another one of those range days, in which price oscillates around a relatively flat volume-weighted average price (VWAP; red line). We rejected lows on the move below the overnight range and, at present, are consolidating near the range highs. We have near-term resistance from yesterday in the 1195 area; the NQ futures and Russell 2000 Index are at a resistance area corresponding to yesterday's highs.