Wednesday’s trade was again range bound and often very choppy.  The reaction to the PPI data was as in the past few months, muted, with the CPI data having a stronger impact on direction and volatility.  That we will see tomorrow morning pre-market.

Current labeling remains in place.  As does Fibonacci levels both retracements and extensions.

I discuss both the upside and downside potential without attempting to find reasons for or against either.  I also take a look at the 1 min chart to show the potential for day traders.  The smaller time frames reveal in real time many opportunities.  Far too many to actually take unless you have an auto trading algorithm running.