Hi Ridge ... not a 'blank cheque' LONG by any means but as the chart strong support level ... which could technically develop as a possible bottom.
Derivatives traders taking modest LONG profits within this narrow range which also qualifies as consolidation.
The support level has held despite continuing negative news re US economy and possibly due to Bush strong focus on serious reform/recovery initiatives ...
I also say that news over the next two weeks could see a break at this level and thus 'free-fall' with next at 2900 translating into 3-5% drop for selected "blue's".
My point was that the current support level represents a defining moment.
