Still Stuck in a Tight Range

After a very quiet early session on Wednesday morning, the release of the Fed minutes seemed to suddenly enliven trading. But in reality, the swings in both directions did little to widen the tight trading range. Those swings were reflecting a high level of uncertainty and a belief that the minutes do little to enlighten traders. 

We see on the first chart below that after the rise of the last two weeks, the range for the day was extremely tight, and the approach to a key resistance level spoke of difficult movement. Note also the two similar upward legs that constitute that two-week advance; this is typical of a countertrend rally. All this suggests that the markets are encountering a problem level that is likely to turn them lower....318 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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