Tight Trading Ranges With An Upward Bias

Posted Sunday 9:30 PM ET - The market wants to go higher the SPY is within striking distance of the all-time high. Seasonal strength and tax cut hopes will keep buyers engaged. The news is light this week and the market is likely to trade in a tight range. Any progress in the Senate on the tax bill will push the market higher on light volume. Swing traders should be long calls. Use SPY $256.50 as your stop on a closing basis. If the SPY closes above $259, buy more calls. Day traders should be passive this week. If you get an early dip, trade the bounce. Trading ranges will be tight. . .

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