Good morning traders, morning thoughts today from Adam Grimes at The Macro Report

Equities: The US Equities markets opened near support (1,175 S&P Cash), but immediately found a bid and traded up to close near the high of the session. Though, officially, yesterday’s action will stand as downward closes in the major indexes, buyers were truly in control for most of the session. Very little has changed in terms of market structure, as the market is simply back to the middle of the broad trading range. From a market timing perspective, it is a serious error to make commitments in the middle of a range, as randomness dominates price action in these areas.Though tempered somewhat by recent events, we maintain our cautiously bullish stance as we wait for this market to pick a direction.