Friday’s gap up brought the market back into the tight range it had been trading in for the previous five sessions. I don’t see anything in the charts to give me much of an edge on what direction the next move will be. The indices have worked off some of their overbought condition by just going sideways these last few days. I have an equal number of longs and shorts on my list for tomorrow, so hopefully some of those will allow me to catch the next move. I still have my eyes on that downtrend line which sits around 2010 on the NASDAQ. Coincidentally the NASDAQ’s upper Bollinger Band is in the same vicinity. It feels like the bears have squandered their opportunity to break the market, but that’s a wild guess on my part. We’ll see…
