Today on the Marketbeat: As the range winds....

Market #'s @ Closing Bell:

S&P: +1

DOW: -26

NASDAQ: -7

Rus2K:

TSX/S&P:

$VIX:

Internals:

st: 13/3 to the bulls

Core Sector Li

- NYSE - 

BREADTH: 1.3/1

AD LINE: +150 ticks

- NASDAQ - 

BREADTH: 1.5/1

AD LINE: +300 ticks

Today on the Marketbeat: As the range winds....

The second day of the week started off with something becoming familliar these past few days...More chop between a range on the braod markets. Today's price action on the ES (S&P Futures) for example, continued its range bound trading. YEsterday the market put in a low at todays S1 pivot aroudn 860 on the ES, topping around today's Piovt point, @ 871 on the Es. If one looks at yesterdays afternoon trading, you could see that todays lows and highs almost coincide with todays action. This is called a range bound market, even if it's on the very short term. What does this mean? - well one thing it could spell is an explosive move (in either direction) building up, Sometimes the big instituional traders wait for the market to hit a certain low to buy, or a certain high to sell - so when the market is range bound it could mean that the market is working to get a solid move up or down.

Under the hood, Today saw some bullish strngeth return to the market, with the Breadths closing in positive territoy ( NYSE = 1.3/1, NASDAQ = 1.5/1). The AD LINES both tacked on some gains, while the TICK seemed to spend a little more time in the positive zone.

So if we see a break out of the range that has been forming, it will be a very tradeable break. We have out lines drawn, 872 - 860 areas, if these are broken watch the strngeth and posible retests to catch a nice break out move.