Over the last several days the S&P 500 has been a bit range bound. Looking at a shorter time frame, such as the hourly chart we can see this trading action and that the index at this moment is trying to breakout to the upside.
Market Action
The opening bell was 30 minutes ago and despite disappointing earnings from yet another bank, JP Morgan this time, the SPX is pressing higher.
As you can see in the hourly chart above, price action has been stuck in a range the past five trading sessions and the index is now pressing the upside of that
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