The recent price action suggests the market is rangebound, but the range is tightening. So if you’re patient, there will be a breakout opportunity in the future. The wide range is the 200-day moving average at $4270.95 and the 50-day moving average at $4841.44. The tighter range is the long-term retracement zone at $4541.88 to $4744.34.Rangebound to me means selling rallies and buying dips, or offering and bidding. When a market is directionally strong, traders buy strength and sell weakness or take out off ...