TODAY, the ranges remained unchanged. At the 24 hr open PA fell below the short range into the Lower Trading Range (LTR). Going into the Euro Zone PA ran the ranges and continued to show FBOs.
It is not rare to repeat, but it does say something about the market. We are treading water in a range waiting for guidance. The market has two choices: 1280s run or a 1250 test, both are important levels.
THE STORY MISSED BY RTH CHARTING
24 Open with a run into the Euro Zone, with a FBO at the Long BOT
PA becomes range bound, with additional FBO at the LBOT
What Rth Charters see
Without the ranges, you would see the sell off at the open followed by a bullish run that reverses. Globally (and with the ranges) it was another FBO.
Since the SBOT BO failed to run to the BO-5 level, a reversal could be anticipated. B23 offered that, and PA reverses back into range for another range run. Range runs that began around 2 AM EST and ran for 14 hours to the US close.
Back-to-back range runs generally means a significant BO looms. Professionals read this as PROFITS.
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