Macro: Downtrend

Micro: Consolidation

Risk: off (unless we break down through bottom of range which will give us Macro and Micro downtrend continuation. aka the "best" setup to exist) We also have tons of data coming out tomorrow and friday. These could help the market make that move to break out of the consolidation area. When we do break out Id love to get in for some serious continuation. 

Bull Scenario: Potential break to upside off of mid range. Until broken above 387.72 bulls are still not in control

Bear Scenario: Break down through the mid range and continue lower into the bottom of the range. Until broken below 374.81 consolidation is in control

Range Scenario: Since we are already currently ranging we should expect the range to continue until those 2 prior levels are broken in the bull or bear scenario. For this reason there could be many possibilities of ranging trades. 

1.  Break below the mid range and spike back up to consolidate in that zone. 

2.  Test Ranging high and breakout slightly then find sellers and immediately crash back down lower to at least the mid range zone

3.  Break down through mid range and accelerate to downside to find buyers at bottom of range.

Economic News this week:

Wednesday: ISM PMI + JOLTS + Fed Minutes

Thursday: Balance of Trade

Friday: Non Farm Payroll + Unemployment + Participation Rate + Avg Hourly Earnings + ISM PMI Non Manufacturing + Factory Orders + Cook, Bostic, Barkin Speech