We can see that we're trading within a range defined by yesterday's price highs and the overnight price lows, with the ES futures (above) oscillating around their volume-weighted average price (red line). We're seeing a mixed Cumulative Delta and NYSE TICK, with advancing stocks outnumbering decliners by only 87 issues--also characteristic of a range day. Should we get further contraction today in the Demand/Supply numbers, we'll be on alert for a range breakout trade.
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