Markets Remain Rangebound

The A/D is positive with 1748 advancers and 1163 decliners and while it remains strong the chances of a breakdown are low, but we always have to keep our guard up.  The most interesting action in the near term is likely to come from the XLF where the range continues to tighten in a symmetrical triangle above important support at 1115-1130.  We may be seeing the beginning of a trend of slow summer trading ahead of weekends.