The Market Is Trapped In a Range

Earnings and the FOMC should result in a breakout one way or the other.

PRE-OPEN MARKET COMMENTS WEDNESDAY – The market is trapped in a range near the low of the year. Buyers are active when the market tests support and sellers are active when the market tests resistance. Earnings season will kick into high gear next week and traders will watch guidance very closely. Until the SPY can break above $380 or make a new low for the year, expect more of the same.

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