SPY - Range-bound for now...

It is important to watch the $270 level.  It has been support over the past week.  There is support there because it is where the lows were in May and June.  It will probably continue to be support in the short-term. 

There will probably be resistance around the $280 level.  This level was resistance in February, March, June and last month, and it was support in July. 

I am going to be neutral and on the sidelines until one of these levels breaks.