How do you trade the S&P 500 after Germany says no to a quick fix?

Market Pulse: Oct 17, 2011

Last week the December E-mini S&P 500 opened at 1157.75 and closed the week at 1219.25. Since the beginning of the month we have seen a sharp move up from the Oct. 3 close of 1068.25. You can see on the daily chart below that the market traded the entire month of September and half the month of August in a range of 1100-1220 and ADX was below 20 almost the entire month of September. Very weak trending market confirming the range. MACD crossed up over the signal line adding solid divergence and Stochastics started correcting from oversold territory.

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