Friday's price action did nothing to break the recent narrow-range channel that stock index markets have mired themselves within for the past several sessions and counting.

ES (+$50 per index point)

S&P 500 futures bobbed sideways along their daily pivot point in familiar serpentine fashion. No real structure to this chart... just listless action without any conviction either way.

ER (+$100 per index point)

Russell 2000 futures coiled early, then gently plodded their way higher all day. Not much of a range overall, but the upside thrusts did offer profit potential with rather methodical ease.

Summation
Simple picture heading into this week ahead. Lots of economic data reports as excuses for knee-jerk traders to make their usual moves. Global unrest and concerns continue to grow all of the time. End-month sessions the first two sessions this week give fundamental upward pressure from big-money manipulation of the tapes. All of that on top of impossibly small ranges the past several sessions has stock index markets wound tighter than Bode Miller's endorsement deals future. Sooner than later, both of those markets are going to break.

Look for directional action and probably one - two large range sessions this week. If an intraday trend move begins, look to follow along rather than fight it while seeking reversals.

Trade To Win
Austin P
www.CoiledMarkets.com
(Online video clip tutorials... open access)

Austin Passamonte is a full-time professional trader who specializes in E-mini stock index futures, equity options and commodity markets.
Mr. Passamonte's trading approach uses proprietary chart patterns found on an intraday basis. Austin trades privately in the Finger Lakes region of New York.