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In a sneaky mid-afternoon move, ahead of the NYMEX (oil) market close at 14:30 EDT Wall Street equity markets are pushing higher, dragging Asian and European Futures with them, and also increasing the value of oil and gold contracts.
Whether it can hold, noting that it came on pathetic volume, is another question. It also raising the way in which we will look to handle the break-outs of these range-bound markets.
Traders will be looking to break the price channels set from the previous session's trade, that is the easiest, most relevance support and resistance area to break on at any given time. Once the initial break happens they will monitor the moves in related (equity, Treasury, oil, and gold) markets, and monitor the volume increases.
The next check will be time of day that the break happens; if it is outside of 20:00 EDT, 02:00 EDT, 07:00 EDT (the regional market opens), they will look for a quick retracement to support, and then look then to buy the pull-back. If things break at the times listed, they will look for things to hold, and to possibly buy the next break-out that takes out the initial move's high.