March 17, 2005: M

After close analysis:

Wasn't feeling well so took the day off. The consolidation day was expected and from what I see it didn't offer that much other than a soft bounce to the upside, but still the emas and levels are offering strong resistance. I do expect another cnsld day tomorrow and w/Opex it should be a tricky day to trade (I'm also not trading tomorrow for that reason).

Market breadth was mixed with Vold ticking up all day but not much to the upside, while Add and Addq opened higher than previous day but consolidate for the rest of it.

Futures formed an M pattern all day with tight ranges. Ab, NQ, and ES worked in same direction and still below their emas. ES200R chart is still below the ema (bearish zone).

Indices consolidated all day. Some might interpret this as -ve cuz the cnsld is at bottom of range. I do think we might hold here at least for a day or two. Sox/Smh and Dow all below their emas.

Overall neutral day!