Should Break From Tight Range Today

Should Break From Tight Range Today

ES has traded in a tight 8 point range during the past few days and if it is going to break out (either to the upside or downside) then today is the day to do so. News on wholesale inventories is out at 10AM EST which may help kick the market out of this range. Thursday is a holiday for the US stock markets so I'm expecting some lackluster trading tomorrow as I expect traders to be taking off early for the holiday. If ES drops and holds below 1216.5 then ES is headed to 1197 and possibly further to 1193. If ES continues to hold above 1216.5 then it's only a matter of time before ES breaks out above 1224.5. I still believe ES will retrace to ~1197 before breaking out above 1224.5

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