Today was an interesting day. Like i said in the pre-market update this morning. The lack of conviction on sellers to push prices lower resulted in a spring like effect and we were up more than 20+ points at one point during the day.
Once again we have a move that transpires during the last 1/2 hour of trading and it is something that I hesitant to give an real importance to. This dip back down to the 1002 area is another one of those moments just like yesterday only now that we've tested the upper end of the range to a degree, the market is now in a #$@#$ or get off the pot point in time.
Tomorrow morning will be violent in one direction or the other. If we are able to gap under 1000 or 998 tomorrow it will probably be on the way through 995 down to 983 which should not provide much support. If that fails in any way we should be on our way to printing new highs above 1016.
Nothing in my TA indicates range bound price action.
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