Near Term Trend: Positive
Friday’s Close: 2169.04 (-3.43)
UPDATE: Low volatility makes it extremely difficult to gauge direction as the range for the last six weeks has basically been 40 points.
The high during that period was just above 2194.20, and that was within 21 points of our projected high of 2215.00 – an area where profit taking could cap further advances.
Overall during this period the Index feels heavy, but with much fewer than average participants and a November election in the U.S. fast approaching, it’s a bit of a crap shoot to anticipate any real sense of near term direction.
I certainly believe the upside is extremely limited.