The indices saw little movement and volume slowed. The bulls will argue for healthy consolidation and the bears will argue that we are extended. Since the trend is still up and we are hovering near annual highs, we still have to give the bulls the benefit of the doubt. That said I feel a little uneasy at this high altitude with the beginning of month seasonality coming to an end. Some flat action that holds the 1300 level on the S&P would do wonders before the nonfarm payroll on Friday.
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