Note that we're seeing upside breakout moves today in both the oil (top chart) and emerging markets (bottom chart) ETFs. The common denominator is a renewed growth story in China and indications of a global expansion of manufacturing activity. That is giving a bullish tone to stocks overall this morning, though we remain in that multiday range in the ES futures. Should markets continue to see risk appetite in the wake of stronger economic data, I would expect that range to be ultimately resolved to the upside.
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