We've moved back into the day's trading range, and indeed are within a multiday trading range. Chartists will be tempted to see a head and shoulders pattern developing, as we see both momentum and strength waning even as we hover near bull market highs. I'm watching closely for relative performance of commodities and other risk assets, as well as small caps, to handicap the odds of that head and shoulders scenario playing out.
I'll be returning to Chicago today and will have more to say about markets and indicators when I return. Stay tuned!
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