The indices were heading into the close poised for a solid gain. While the gains were still, nonetheless, respectable at day’s end, they were a bit disappointing considering how far from the day’s highs they were. Nonetheless, the pullback that the market has seen over the last few trading sessions, has not been threatening at all, and prices look to be consolidating before another attempt at a breakout to the upside. If we can consolidate for a few more days to alleviate the overbought conditions, we could see another strong move.

Here’s the NASDAQ and S&P charts…