Reconsidering the evaluation of the trading range (TR) it could be evaluated as an inclining TR. The initial part of the trading range had some signs of accumulation but after an up thrust (UT) a strong distribution character has emerged. Before the end of 2018 price had a change of character (CoC) with signs of weakness (SoW) on increasing volume. Now the Top 40 is attempting a week rally to the 200 Day SMA and new Yearly Pivot Point on decreasing volume. The number of stocks above their 200 D SMA has increased but is still below 50% and in a declining trend. The number of stocks above their 50SMA can also be seen as slightly declining. If the evaluation of an inclining TR is correct the Top 40 has however not broken the TR. Will be watching the next reaction to the downside to see how the small recent TR develops for continued distribution or accumulation.