You don't get markets much more range bound than this! The low 1170 area has been strong resistance for stocks (ES futures, above), and we've seen support in the 1160 region.
My earlier point regarding defining effective price targets was that using the prior day to estimate today's volatility can be quite useful. In the case of recent trade, seeing the shrinkage of daily trading ranges (and volume) could have helped traders anticipate the limited market moves and place stops and price objectives accordingly.
My next post in the price target and volatility series will offer specific (and new) guidelines for traders.
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