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S&P Stuck in a Range


It was exactly 24 hours ago that Maria told her CNBC audience that Bernanke's comments from the prior Thurs. (a pause in rates) were misunderstood by the markets. Right now, the e-SPM is trading at 1316.25/50, which is just about (maybe a touch lower) than it was trading yesterday at this time. Although today's recovery was impressive after yest.'s plunge, from my perspective, the pattern has not changed much (as a result of today's recovery). The coil remains intact, and the index is stuck between 1320-1322.50 on the high side, and 1307/05 on the low side. Whichever side of the range is violated first should trigger a significant move in that direction. And as of this moment, I do NOT have a high confidence projection for the direction of such a breakout-- and that goes for the SPY and the SPX as well. With that in mind, I will stand aside and watch for several more trading hours. MJP 05/02/06 3:25 PM ET (1316.25)

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