S&P 500 – The SPYs broke their recent uptrend two weeks ago and have been trading sideways since then. The top of the range has been around $266 and the bottom has been around $262. If the lower side of the range breaks, and the $260 level breaks, we could see another meaningful selloff. The $260 level has been important over the past year. It is interesting to note how precise of a trading level $263 has been over the past three months.