Today is a Narrow Range 4 and 7 Day (NR4 & NR7). We should see wider ranges soon.
As I have observed before, components of the Statistical Open Range tend to act as support and resistance. All components are calculated relative to the 0930 ET open, and use the 10-day averages and standard deviations. Sometimes, when using a 5-minute chart and candlesticks, hammers form at these points, as marked by the arrows. After the hammers form, the market tends to move rapidly to the next support or resistance level. Just a casual observation.
Charles
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