Dateline: 7:52 pm Eastern Time, 4/04/2006

After a flat open on Tuesday, the SP and Nasdaq futures
dropped to 1302.25 and 1721.00 respectively, and then
quickly reversed. The rebound lasted about 30 minutes, with
the move fizzling out after reaching 1309.00 on the SP
futures and 1732.75 on the Nasdaq futures. They rolled over
and fell to 1304.50 and 1724.00, then bounced back again.

There was resistance at the 1312.50-1313.50 area on the SP
futures and 1735.25-1737.75 zone on the Nasdaq futures.
Around 1pm the SP futures double topped after reaching
1313.75, while the Nasdaq turned down from a 1736.75 high.
The pullback was shallow, and the market went back to test
the highs. The Nasdaq futures matched its high while the SP
futures poked into the 1316.00- 1316.75 resistance area and
then the market sagged into the close.

The market continues to swing back and forth inside of a
trading range. The Nasdaq leveled off and went basically
sideways all of Tuesday afternoon, while the SP bounce was
labored. With the market close to the top of the range, look
to short early strength on Wednesday. Then, if the initial
support can hold on a pullback, be on look out for a
reversal. ~ Mike Reed RBI Trader's Updates