TECHNICALS-SPY

Not sure if its evident from the picture, but the markets have traded in a very tight range over the last seventeen days. During that period, the high has been 131.85 and the low has been 129.04, so $2.81 over 17 days. The average range has also been very tight as well as over the last 10 days the average difference between the highs and the lows has been 76 cents. It wasn't that long ago when the daily range would average well over $1.25 so we are probably setting up for some wide ranging days and a decent directional move as volatility tends to revert to the usual.