For the seventh day in a row, the market traded in very choppy and tight range. We came close to breaking down on news of more earthquakes in Japan and crude oil moving over the $110 mark, but the indices refuse to crack. Everyone will be watching how Japan plays out overnight after the earthquake. If its market reacts in a calm manner, then we could get moving to the upside once again. Everyone is probably eagerly waiting for a small dip to buy before the bullish April Option Expiration next week. The danger is that if we keep testing the recent support around 1325-1330 on the S&P 500, it could eventually succumb to the pressure. It is getting tough to buy this without even a 10pt drop that can last into the close.
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