Market Recap 3rd June 2014 – Getting ready for the big move?

By Markus Heitkoetter

It was another indecisive trading day on light volume. The S&P ended the day flat, down just 3/4 of a point. The DOW finished the day 21 points lower. The E-Mini S&P currently has an average daily range of just 9.25 points, much lower than normal.

The smaller ranges and lower volatility could mean that traders are a little gun shy ahead of the Thursday’s European Central Bank (ECB)  meeting and Friday’s employment report. The question is, what next? Are the markets sitting on a fence and poised for a “great fall”, or will we continue to see new all-time highs once we get past these reports?

Intel Corp (INTC) was a big mover today up +1.47%. With today’s move Power Crossover Method traders had an opportunity to exit positions using the Average Daily Range Target at $27.66.

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