Traders are on edge as the stock indices chop around in narrow ranges. It is almost a certainty that sharp moves in the indices, and likely other futures and commodities contracts as well, will soon occur, likely beginning Friday. Below are the Russell 2000 (TF), S&P (ES), Nasdaq 100 (ENQ) and the Dow (YM) mini futures contracts. Critical KRAs (Key Reference Areas) are highlighted. If the indices take out their recent highs where they may stop is a complete guess, which we don’t do.
A close below 1383 in the ES targets 1359-1344.
A close below 2726 in the ENQ targets at least 2593, and probably 2555-2517.
A close below 12964 in the YM targets 12712 – 12600
A close below 79940 in the TF targets 76560 – 75600.
