Home on the Range

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.