The Precise Take – Nothing new

Big Picture Analysis: Yesterday ended up another low range day, with a paltry six handles covered overnight.  It seems complacency has set in, and headline risk has all but evaporated for the time being.  This can change on a dime, but bulls retain the short and intermediate term edge until proven otherwise.  Seasonality on opex favors the bears early and bulls late.  Existing Home Sales is released at 10:00 am EST, but is unlikely to be a market mover unless far out of consensus.  Next week’s FOMC Announcement on Wednesday will come into focus Monday, as earnings season continues.

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