March 26th, 2024

Rangebound Rally. Markets remain in my anticipated range, and these slow markets will continue to test the patience of traders. Those who feel the need to take action will always find a reason why the market is moving, but sometimes we’re simply in a range, and that’s it. Embracing the environment will lead to easier execution and smoother transitions when change comes. Currently, I expect the market to stay rangebound, and trading on the range edges provides an advantage.

With rates remaining low on the 10 YR Yields, this environment could favor RTY Bulls to gain higher ground. Although they have been lagging, they can excel in a rangebound market with rates stuck low. RTY (longs) are my primary focus for day trades now.

RTY 2129-2092 (Bounced off the low end of the range two days in a row)
ES 5321-5273 (Watch 5300 as a pivotal level; its call resistance using MenthorQ GEX Levels)
NQ 18,622-18,386

If we break out of these ranges, extended moves in either direction could occur. Keeping it simple and trading small and smart is key.

Cheers, DELI