Tuesday, August 04, 2009

Midday Briefing for August 4th: Narrowing Range

Quick update from the airport: The major indexes are making higher price lows day over day, keeping us in an uptrend mode, but note the difficulty surmounting the 7/30 highs in NQ (above), as well as selling we've been seeing in the 1000 area for ES. It would not surprise me to see this resolve into a longer-term range/consolidation, with price moving back into the 7/30-8/2 range and perhaps testing the lower portion of that range.