We’ve written before that this range-bound market seems to only know how to rip up or die down. There’s very little chilling in between. If we do want to finally leave this range then the market needs to digest the moves and start to build bases — something that has been missing since the correction started in August.
Note how we keep bouncing off the lower range and reversing off the higher range (and today no exception as market screeched to a halt and reversed down as we hit the higher range in the $ES_F, and the 50SMA in the $SMH).
Daily Recap: July 23, 2014
3 hours ago