recent trading actions suggested strongly that the S&P 500 index is now in transition from aggressively bearish to sideways trend. Near term, traders could play the range. However, market is very volatile and tight stops are advisable.
our technical bias is that for the near-term, additional consolidation will unfold between 1070 and 1100 levels on the S&P 500 index. The 1100 zone is too big and important to fall quickly. The market will need to correct and base for awhile before the bulls regain the needed strength to push prices up above that level.