Markets Range-Bound Heading Into Close

Equity markets in a sleepy trading range today. Watch for break-outs above 2068 or below 2064. Expect continued slowness into the Thanksgiving holiday

eVWAP is exponentially volume weighted average price. Red indicates increased probability of downward movements. Green vice versa

eVWAP is exponentially volume weighted average price. Red indicates increased probability of downward movements. Green vice versa

Treasury markets are also moving sideways

10 Year Treasury Note FutureTake a look at Friday’s movement for comparison, which saw a whip-saw in the e-mini S&P 500 futures. The markets took a sharp move higher after the PBOC unexpectedly anounced rate cuts, then gave back most of the gains over the course of the day.

S&P 500 Futures day of PBOC rate cut. Note the knee-jerk reaction as PBOC slashed lending rates overnight.

S&P 500 Futures day of PBOC rate cut. Note the knee-jerk reaction as PBOC slashed lending rates overnight.

 

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