Yes, the lack of expansion of new lows does indicate this market may be locked in a range of 1330 to 1330 for a little longer, no strengthening but no particular weakening either, though here and there I start to see minor cracks, but nothing yet that will cause an explosion one way or the other. There is a good chance that 1330 will hold on this run once more. A directionless market for now. The broader (or medium term) indicators, however suggest that this range will be resolved on the downside, I just cannot get a handle right now when and how.
Zeev
