Last week the market started off neutral, which was expected with Monday trading inside of the prior week’s range. Monday was neutral, but it did gap up from that range and was able to reach the top of the range.
Monday’s price action setup an intra-day 60-minute bottoming pattern that signaled a move higher, if its prices could clear the top of the range.
That happened on Tuesday morning as prices gapped above the range and held there bullishly. Financial institutions and traders waited for the ISM report.
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