Heavy De-Risking In A Stuck Market — Is The Pain Trade Higher?

Still stuck

SPX futures remain trapped inside the same range that’s been in place since last autumn. Aside from a few failed breakout attempts, the SPX has essentially chopped around in a ~200-point band. We’re currently sitting just below the 50-day and above the 100-day moving average.

Support: 6800, 6700, and the 200-day (currently ~6765). Resistance: 7000. (futures)