Once Again, Trading Range Continues

There isn't really much we can add to recent comments after yesterday's session. The market continues to trade in a range and no matter how ugly yesterday looked and felt, key support levels remained in tact just as key resistance levels have remained in tact on upside attacks. If the QQQQ closes below 40.50 there might possibly be something to be concerned about. We believe however that the follow through day the bears are licking their chops over is not going to arrive and they will find themselves frustrated along with the rest of market participants of late.