CME still stuck within tight trading range
CME finished the week 1.42% higher at 163.92 after gaining $0.95 (0.58%) today. Today's closing price of 163.92 marks the highest close since July 27th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 163.88, the stock confirms its breakout through the prior session's high having traded $0.32 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was $2.43 (1.5%), that's slightly below last trading month's daily average range of $2.57. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 161.32 and 164.20 which it has been in now for the last trading week.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
CME Group was sold again around 164.20 after having seen highs at 163.88, 164.18 and 163.85 in the last three trading sessions. Obviously there is something going on at that level.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The share managed to break above the 100-day moving average at 163.56 today for the first time since August 8th.
While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for CME Group Inc.
|Close to R1 Resistance||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Gap Up||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|5 Consecutive Higher Closes||TQ Pro Members Only|
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