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SPY is moving in a range

We have used the 2-hour chart of SPY – SPDR S&P 500 ETF – to better understand the price action of this major index and many others that move in the same fashion lately.

It is evident from the chart that SPY is currently moving in a range, which we mark with the blue box. The upper limit of the range is about 294 and the lower limit is roughly 282.

This is a trendless environment as all moving averages move more or less horizontally and price moves round its moving averages.