The DJI for the last four days is up a net 53 points. The point being, relatively large ranges and diminishing real volatility (VIX) indicate that the high/low ranges have for the most part been established. Now in this instance the ranges would be the lows of August 16th and the July highs.
Market disappointment with the Fed could provide another test but Bernanke has basically opened the teller's window. Continued support work and lack of follow through on the downside will keep the bulls hopeful for a test of the highs in the quarter ahead. Push beyond that will be tough.
