Good morning, everyone. Today is Tuesday, August 19th.
We are once again starting the day after a lackluster Globex session. Price remained coiled in a tight 25-point range, balancing back and forth. Yesterday was a challenging day, testing our patience more than anything, with extremely low relative volume that never really picked up. Today, we're seeing a repeat performance: price barely moved overnight, we're sitting dead center in yesterday's value area, and relative volume is again very low at -25%.
This type of environment often leads to a choppy morning as the market tries to determine its next move. Let's get into the levels so we can be prepared for either direction.
