S&P 500 2722.46 +11.01.
The stock market continues its consolidation process in a range between 2710 and 2730. Our objective for this leg that started two weeks ago still lies at around 2750-80. Breadth settled on a positive note with more than 2000 stocks advancing on the NYSE. On the negative side, daily and weekly sentiment indicators deteriorated somehow pointing out to to some complacency among market participants. It is interesting to note that since early January, we observed important swings in our sentiment indicators from one week to the other, reflecting the struggle between bulls and bears in this large trading range.