Yawn. Sorry to say it. The words are getting well-worn. More balancing action today. What will it take to break the curse? I am not sure, but it is, indeed, getting old.
Responsive trade from the Value Area Highs and Lows is all that is working today in the indexes. Once again, the value area is essentially unchanged from yesterday. Once again, the overnight action inside yesterday’s range accurately predicted more balancing. There is, however, plenty of action under the surface if you look for it.
Growth and tech still lead for now. I am surprised the NASDAQ 100 has not performed better, given that the 10-year rate tucked under the critical 1.5% level today.
We still need a catalyst. Let’s see what the afternoon drive brings. It starts in an hour or so.
Stay tuned.
A.F. Thornton