The SPYs have gone nowhere for two weeks...

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.