So here we are, into new highs once again. Highest close this year and since the lows of a year ago, all on these average moves of low volume and tight ranges the last few weeks. Leads me to think of two possibilities, either nobody really thinks prices should be here and the only money going in is the Fed’s $$ which is apparently running out, or everyone is waiting to see what happens since this is a new area this year and things may get to it once some of the larger news items are released with enough good news that people feel it is “safe” to get back in the game.
Let’s see what happens. Yesterday was another tight range day, only 8 point range for the day. Next Target level to watch for will be the 1200 area, and support somes in at 1150. Watch the volume and keep you eyes on short term support and resistance levels, prices tend to be “Sticky” when there is no Market makers moving things. And be patient, that’s all we can do for now. Wait and when the time comes make the move that matters.
See you on the starting line!
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.
