Coming to a Boil ?

Here is an hourly chart of the December S&P e-mini futures. I commented on this market earlier today.

Not much has changed since that last post, although the market has finally entered the 1402-04 range which I think will produce a temporary stall.

But what really catches my attention here is the slow activity evidenced by the narrow hourly trading ranges. This tells me that there is still a lot of skepticism about the market even as it breaks out to new highs for the bull market which started from 768 in October 2002.

I don't believe we will see any important top until the hourly trading ranges grow visibly bigger and the sizes of daily fluctuations start attracting some media comment. I think the pot must first come to a boil before this bull market is cooked!