With another day of tight trading, prices moved a total of 10 points through the day on less than impressive volume again. Only 1.41M contracts were traded through the day, still another sign of the struggling market with no where to go. For days now price will test resistance at the top and back off, testing the waters but not jumping in. For the moment I feel that there is not much to do but be patient and wait. Watching for the market makers to make their move, and put some direction back into this slow and seemingly confused market. 
Looks like prices could test to 1134 today if we see a little push through the 1141 area. Targets from there would be 1127 and 1119. Should prices move to the upside we could see a retest of 1150, then 1160. We are going into the week in an overbought position, watch for the break it will come. Just be patient, trade what you see.
With Volume still under average, we have been watching prices move slowly and through tight ranges for about a month now. Prices have moved their way back to the highs we visited back in Jan in the mid 1140’s. Prices seem to be into the overbought area as we are approaching this, with prices climbing back 100 points from our Feb 5 low of 1040.75. A sell of in the near future isn’t out of the question, but watch for it as prices could keep floating through without an increase in the volume to support a move either way.
Wednesday’s trading could see prices revisit the previous days high of 1144, then 1148 as the high from Jan. Should prices decide to test back down we would be looking at 1136.75 and then 1134.00, with 1126 as an extreme low.
