CME breaks back above 50-day moving average
CME Group Inc. (CME) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CME ended Wednesday at 170.20 gaining $2.10 (1.25%), strongly outperforming the S&P 500 (-0.46%).
Daily Candlestick Chart (CME as at Sep 16, 2020):
Wednesday's trading range has been $2.53 (1.5%), that's below the last trading month's daily average range of $3.29. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CME.
The market managed to close back above the 50-day moving average at 168.90 for the first time since September 4th. When this moving average was crossed above the last time on August 14th, CME gained 1.85% on the following trading day.
CME Group shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for CME Group. Out of 418 times, CME closed higher 56.46% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.50% with an average market move of 0.56%.