This market continues to oscillate between 1991 and 2005 with the key support/resistance line right at 2000.  It would be helpful for the markets to give us a clear indication by closing above or below either of these levels today.  Otherwise, the signal will continue to be mixed.  Wednesday’s price action was a weak bearish signal.  Thursday’s price action was fairly similar to Wednesday.

The question is, are we consolidating or bumping against resistance?  I’ve seen some out there insisting this is similar price action to 1987.  And while I can see it on the charts, I don’t see it confirmed in any of the other data.  In fact, based on how the futures are acting, I’d say we’re looking at another narrow-range day without a clear signal one way or the other.

Daily Digits

Daily Digits 8-29-14

 

Weekly Estimated Range

Weeklies (double doji) 8-29-14

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