Price Action Unable to Decide

Crude Oil & Russell 2000  5 Minute Charts

Yesterday’s CL and TF sessions were pretty much the same tape action, expressed a little differently.

CL: between the 10:30am weekly inventory report and 2:00pm FOMC minutes release, there was nothing but tight-range chop. Around each of the scheduled events there were abrupt v-turn whips. Once again, depending on precisely when & where you might have entered a trade AND where/when exited, you might have profited or not. It was that type of session.

TF: a -10pt surge down in the opening five minutes… followed by wedging and a second abrupt drop, followed by upwards retrace and then widely sideways for hours hence into the close. And so, depending on precisely when & where you might have entered a trade AND where/when exited, you might have profited or not. It was that type of session.

Not really much more to take away from this session overall than that. One minute price was heading up or down in rapid fashion, next minute it had turned tail in abrupt fashion and spurted off the opposite way.

Perhaps tomorrow will present some sort of deliberate, methodical price action.

For more daily updates from Austin, visit his blog at Coiled Markets.