March 31, 2005: Chop

After close analysis:

Yes, I need to have a new pattern called "Chop"! Ugly day at best where everything was consolidating and taking a breather from yesterday's runnup. Nothing has changed except the successful bounce of key levels on AB and ES. Tomorrow should have a follow-through to the upside if the test of the lows were to hold, if not, watch out!

Market breadth was neutral. Vold, Add, and Addq were almost neutral with a positive uptick.

Futures chopped all day and difficult to trade. Those are the days where one wants to avoid committing size. AB, NQ, and ES were in positive territory but w/tight ranges.

Indices weren't any different from overall market whereby Semis are still forming continuation patterns and don't seem wanting to breakout yet. Dow - nothing to comment on!

Overall positive day!