Everything Looks Bullish… Right At The Range High

SPX stuck

SPX remains stuck in the wide range that’s been in place since September. We’re now sitting in the upper end of that range, an area that has rejected price on three prior occasions, with 7000 (futures) standing out as major resistance. Mean reversion has been the winning trade so far, but a clean breakout would open up a sizable upside vacuum. Initial support sits at the 50-day, near 6900.