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The market continued its recent choppiness and consolidation, or is it a topping pattern? We’ll likely know by next week.

The indices failed on two rally attempts when retested yesterday’s high. They couldn’t get through both times, and backed off sharply.

However, they did end to the plus side on options expiration day, with the Dow up 32.42 at 9816, about 31 points off its high. The S&P 500 was up 2.68 to 1068.17, about 3 points off its high, and the Nasdaq 100 was up 4.15 to 1725.24, 6 1/2 points off its earlier high.

Advance-declines were positive by a little less than 3 to 2 on New York and by only 14 to 13 on Nasdaq. Up/down volume was 10 to 9 positive on New York on heavy total volume of 2.35 billion. Nasdaq traded nearly 3 billion and had about a 3 to 2 positive volume ratio.

TheTechTrader.com board was very narrowly mixed, as most stocks were little changed. Leading the way on the upside was Goldman Sachs (GS), which gained 1.72 to 183.18. Human Genome Sciences (HGSI) jumped 75 cents to 20.10, OncoGenex Pharmaceuticals (OGXI) 71 cents to 36.18, and Vivus (VVUS) 47 cents to 11.04 on 24.6 million. American International Group (AIG) moved up 48 cents to 39.91.

Most other winners were up just small fractions.

On the downside, there were no point-plus losers, and very few stocks dropped even as much as half a point. So a non-event day today considering it was options expiration.

Stepping back and reviewing the hourly chart patterns, the indices continued yesterday’s vacillating action. They held support but also failed to get through resistance. We’ll have to see next week if this will result in a topping pattern or if this is just a stopping point before more upside.

Good trading!

Harry