The market seems like it can possibly break out of its range as soon as tomorrow after today's action in the last hour. But obviously, nothing is firm until 1335 is taking out decisively. The excuse for a break out would probably be the increased possibility of more Quantitative Easing so any more data that suggest weakness in the economy will actually be good for the markets. I know a lot of people complain about the central banks intervening in the markets but as long as they keep assets nominally elevated, then numbers look good to most people. And that is the main reason we will never see any catastrophic crashes in the market like the so called "Primary 3" per some Elliott Wave practitioners.
The trend average has now risen to 1311 and the the prospect of the 1292-1298 area being re-visited seems less likely now.
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