Another gap down

The market is stuck in a narrow range and a powerful buy or sell thrust is needed for it to get out of it. As of now the probability still favors upside breakout.

Breadth has been steadily improving and bad news tends to not leads to much selling or follow through selling. Considering the extent of negative headlines from Europe the market has held up very well.

More churning at this level would lead to better move down the road.