The US indices have been range bound for the past eight days with the SP futures confined to a roughly 1349-1389 consolidation area. The Nasdaq futures (NQ), my primary focus, have traded an 1824-1894, 70 pts range for the prior with days. Buyers are active below 1840 with sellers stepping in above 1875 with key levels at 1842/1843 and 1852. Until there is a close below 1835 or above 1870, this range will persist. Note that on the downside there is an unfilled real gap at 1796-1813 from 03.31-04.01. Stay tuned…day 9 is set to begin with the market trading down on disappointing GE results.
04.17.08 at 13:13:19
[...] on the Plains Last week it was home on the range. Earnings news from GE sent the market lower to end out last week, with the longs being saved by [...]