A very dull day in the market. With trading volume at near zero, the algo-bots were in full control, and were thus able to melt everything slowly higher. It would appear the indexes will churn, with the constant threat of slow melt higher..all the way into the FOMC announcement @ 12.30pm Wednesday.
The closing hourly charts...
A dull day, we remain (just) within small upward channels, and until we are back under the lows from last Wednesday - sp'1398, the bears have a real problem in that the algo-bots are merely able to melt this nonsense higher.
A few closes in the 1430s and I'd be worried. A few daily closes in the 1440s..and that'd arguably wreck my general bearish outlook.
So..in the grand picture..we're very close to the edge.
As things are..Mr Market is waiting for the Bernanke to deliver on Wednesday. One thing is for sure, we won't be trading flat on Wednesday afternoon.
The usual bits and pieces across the evening.