CME still stuck within tight trading range


CME Group Inc. (CME) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
Traders officially love to sell CME against 164.20 level
CME dominated by bulls lifting the market higher throughout the day
CME pushes through 100-day moving average
CME ends the day on a bullish note closing near the high of the day
CME pushes through previous session high
TQ Sentiment
Report Sentiment: 62% Bullish
Technical Forecast:
Overview

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.

Daily chart for CME
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Conclusion

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.
Condition Forecast Direction Win Avg Worst Best Events
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
More market conditions identified for TQ Pro members...
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