Market In Range Defined By 1270-1400 On S&P
This looks like the 8th week (starting Mon Jan 22) in which the S&P 500 is trading within a range of 1270-1400 (S&P 1270-1400 Chart).
What has worked during this time is to sell at the top of the range and buy at the bottom. I’ve been orienting myself this way since the Feb 1 top (Feb 1 Post , Jan 22 Post).
What this signifies to me is a balance of supply and demand here corresponding to the different views about where we are and where we go from here. That is, you have the bulls who say a mild recession is now priced in and we go higher from here. And we have the bears who see this is as only a weigh station before heading even lower.
A break above 1400 or below 1270 will resolve this. Those levels are the important ones intermediate term.