Will Recent Trading Ranges Be Resolved This Week?

This is a potentially critical week, with the Fed, the Election and many key markets in trading ranges, but holding above key support. If they want to correct the markets on news, they can do it from here. If they want to break the markets out to new highs, they can also do it from here.

The S&P 500 (ES Z0-D) continues to sit in a 13-day trading range. It is still above support. The trend is up until that support gets taken out.



Gold (GC Z0-D) is at resistance in the 1360-1362 range. This is an important decision for Gold. The $1305-1309 level is critical support for Gold.



The Euro (6E Z0-D) is stuck in a 19-day trading range. The movement of the Euro will indicate what the Dollar is doing. Expect the Euro to continue to move with the prices of risky assets, so it would probably be a bad thing if this trading range fails.



US Treasuries (ZB Z0-D) are now at the low end of a 13-week trading range. The key support level is in the 128.11 range. That would set up a potential reversal pattern.