The Narrowest Range of All!

The e-SPU (Emini S&P 500) clawed its way to a very marginal new high at 1404.00 in overnight trading, but since has reversed beneath 1400, leaving behind a potential Bull Trap new high, amidst extremely compromised 4-hour momentum.

Whether or not the narrow, nervous, week-long range will continue to frustrate both the longs and the shorts, or if the index is nearing an inflection point ahead of either a thrust towards 1418/22, or a breakdown beneath 1392/90, is anyone's guess right now.

The fact that the price structure climbed to a new high this morning, but failed to follow-through, should be a disconcerting sign to the bulls.

But unless, and until, the index actually inflicts some damage to the uptrend by breaking 1392/90, the bulls will remain in directional control.