Market Awaits the Curtain on Bernanke’s Last Act

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The market stayed stuck in the narrow trading range on Wednesday. The next clear directional signal awaits the breakout from the range currently indicated to be between 1295 and 1335. The intermediate up phase that should be under way has gotten off to a very poor start, and without some reason to move higher from here soon, it’s likely to fail early, leading to a breakdown.

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