Yawn…
A quiet session today across the equity index markets as the SPH is confined to a less than 1% range. Even the volatile NDH is stuck in a range less than 2.5%. Early in today’s session I was using 1342 as a critical pivot area. This level held up early in the trade, however, as the market failed to show any enthusiasm to the sell side below 1340, short covering and some fresh buying came into the pit.
As for the rest of the session, I see a two-sided trade with little volatility and a lot of chop. Type of session that leads scalp style traders to an early grave. However, the bull side of this market is starting to show itself, and it would not suprise me one bit if a week from now, we are at 1400 in the SPH.