Today was a narrow range day. To be more precise, it was a narrow range 7 (NR7) day. This means that the day's trading range was the smallest of the past seven (7) days. Narrow range days represent a pause in the market's action before the next wave of wide ranging days. In and of itself, the narrow range day doesn't tell you which direction the next move will take. But a narrow range day alerts you that a big move is directly ahead.
Thus, all three alternative scenarios for the rest of December are in play. I favor a thrust up to at least the 1270 range by December 16. If this thrust does not happen, it would call into question the Bull case.
Have a good evening!
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