Trading Range

Previous range expectation was 865-887. It is assumed that once 887 is resolved to the upside (being a recent decision point) will take the market to the next major decision point 908.

Will we get there? I don't know which is why I divide the market into ranges and adopt the "if this, then that" approach.

Range expectation going forward is 870 to 908.

Today's rally (7/13) demonstrated a clear rejection of price below 870 effectively becoming the lower boundary of the range. If we manage to revisit the 65-70 price level, it is my contention that support will fail on the retest.

Stated another way, if this is a true rejection of 865-870, the market shouldn't revisit this area because in doing so will 1) allow traders a second chance to participate and 2) allow shorts to cover low - the market does not like doing this as such a subsequent revisit will appear to be more genuine. Caveat, however, because anything can happen especially during earnings season and opex week.

Above 908 bullish
Below 870 bearish
Between neutral

There are always minor support and resistance levels that will slow or support price along the way.