The trading range we outlined in yesterday's report remains in effect. Prices closed at the bottom of the range yesterday. Seasonality suggests that prices will drift higher today in front of the holiday. Unfortunately this is about as much useful information as we are able to provide about this market today.
The market is in random walk mode as it ranges within the trading range. Professional money managers who have not yet taken off for the holidays are quite likely to take off today. Volume should be especially low today and price action should be fairly meaningless. This is not an environment to open new trades in.
In fact, why trade at all today? Take off early with the professional money managers. Go home and enjoy your families. Get an early start on that weekend road trip you were planning. Have a wonderful holiday weekend. We plan to. We also wish everyone the best and hope everyone stays safe and has a great holiday.
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