RANGE BOUND DAY

A quick look at the chart and some commentary today.  We were looking yesterday for the bull to retest 1200, and we got that overnight.  With PA stalling ( a reversal) at the BO-5 level, it appeared we would have a range bound day after yesterdays major bull run.

COMMENTARY TODAY WITH ADDED NOTES:



[09:35] <CM> bearish channel from 5am est points of interest today 1198-1193-1189.25 the test of the 1200 is in overnight bias today test support 1190 area and try 1200 bo
[09:40] <CM> b2 longs    THE BULL BIAS WAS LOOKING GOOD FOR AN ENTRY
[09:43] <CM> +3 part bal be+2t
[09:51] <CM> +2 for anyone taking the 93 and/or b4 PB    1193 WAS DISCUSSED AS A VALID ENTRY.  NEWS PUSHED PA TO 1200
[09:52] <CM> a close above ema moves stop w pa
[10:02] <CM> x bal 99.5
[10:03] <CM> more upside but on a pop expect some pb then pa will settle..
[10:06] <CM> chart look es (LINK REMOVED)
[10:07] <CM> the 1190 area support held and we saw another test of 1200 mkt long at 1198 bo
[10:15] <CM> two thoughts +10 from mkt low (1191-1201)    1206 from b1 +10 roughly..  8-10 points are considered exit points
[10:17] <CM> 1203 is long bo +5   B8 held at the EMA; 1193 was the long target for a BO
[10:20] <CM> we should get +5 http://screencast.com/t/P8497el3
[10:26] <CM> bo 5        time for a break happy trading all
1[10:28] <CM> reversal setting up here potential ema pb   MAXT B12 reversal near BO-5 level
[10:34] <CM> link removed
[12:57] <CM> the reversal did pb to ema 3 support hits on the long target pa range bound in a descending triangle 50/50 here bias is long short watch around 1193 http:// (link removed)    From the MAXT we see three PB's from the high TL to the support at the long range-1198 (can be a triangle- lower highs with higher lows) followed by a descending triangle with a BO.  By the time the BO occurred, (took a hour +/-) the 1193 view was modified to watch for support
[13:53] <CM> looking for the bo http://  (link removed)   B53 was a BO but very near the support at 1193
[13:54] <CM> and 1193 support

[13:56] <CM> looking for 93 to hold  for longs    reply to a question
[13:56] <n> you going short or long?
[13:56] <CM> long                                          reply to a question

[14:04] <CM> http://   (link removed)
[14:06] <CM> 97.5-98 target       the 93 long should be able to return to the upper PA prior to the BO, B47-48   (and the 1198 long range)
[14:41] <CM> http://  (link removed)
[14:43] <CM> push 2 from ema
[14:44] <CM> x 97.5 +5
[14:45] <CM> recap expected bo to fail at 93 support. no 5tf of 93 and mkt in a range bound mode..
[15:06] <CM> new bull channel http:// (link removed)
[15:30] <CM> outlook for tomorrow: run day (mon) range day (tue) run again day (wed) bias still long.. 1220 upside
[15:50] <CM> pa at bottom tl of channel