Broad Markets are Building New Range

The /ES has been setting up a new trading range since hitting a low of 1,553 in the most recent and much overdo corrective move to the downside. I know that many people point to the feds hints at pulling back at quantitative easing as the trigger...but lets also be fair that the market was just plane overbought and was due for a corrective move lower. Over the next few weeks and maybe few months as we move through summer I believe that the trading range is going to be between 1,550 to 1,645.

I have highlighted the proposed trading range in grey in the above chart screen shot. We have to realize that this market has had a massive move to the upside and is need of some digestion before further direction up or down can be decided.

Good Luck Trading!

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