The very tight range on the major indexes this afternoon was the equivalent of a spring being compressed.
Traders were afraid to make any moves ahead of the Nonfarm Payrolls on Friday. The Dow traded in a very narrow 25-point range from 11:45 until the close. The S&P traded in only a 3 point range. Something spooked traders and investors and nobody was making any trades. The volume died at noon and everything went silent.
The S&P futures are down -6.50 as I type this. That is twice the range the S&P traded in all afternoon. We are setting up for a major move on Friday only we do not know in which direction. I am recommending we stand aside and see what Friday brings before launching any new positions.
NEW BULLISH Plays
No New Bullish Plays
NEW BEARISH Plays
No New Bearish Plays