Not a whole lot to say about Thursday. Small loses didn't erode prior gains but the tight action offers swing traders the best chance for gain; trading the narrow range coil offers an attractive risk:reward. Long-term traders need to wait for an oversold condition before building their positions.
The S&P is at channel resistance suggesting shorts have the edge. Stops go around 2,560.
Watch for reactions from the tight coiling action of recent days. There isn't a whole lot of room for a move without consequence, so the next tradable leg may only be 1 or 2 days away.
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