Breakout Above Short Term Trading Range

breakout of trading range
Breakout above the prior trading range high at 2748.00

The market broke out above the recent 50+ handle trading range. The breakout was on low volume compared to the size of the move higher (NYSE volume was just below 3 billion shares traded). The late pullback low at 2756.75 and the prior trading range high at 2748.00 could be important early trading references to begin the new week.

market profile chart pullback low
Split view market profile chart shows the late pullback low at 2656.75. Continued acceptance above that level could keep the bullsh rally in tact, while price acceptance below that level probably targets the prior trading range high at 2748.00.



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