Friday, October 16, 2009

Morning Briefing for October 16th: Watching Ranges

Note that we're setting up a multi-day range in the ES (above) and NQ futures, with a lower end near yesterday's (and today's overnight) lows and the upper end framed by yesterday's highs. New 20-day highs/lows and momentum (Demand/Supply) numbers weakened yesterday vs. Wednesday; I'm watching those closely to see if the market continues to lose steam at these levels vs. continues the uptrend. As always, I'll be posting the indicator levels each day prior to the market open via Twitter (follow the tweets here).