One thing I've noticed is that, with the exception of just a single very tiny span of time (November 20-21), there is a range of support spanning almost four months among the indexes; the value varies, naturally – – in the case of the Dow, it is around 8000 to 8200.
Indeed, we've been trapped in a 1,000 point range (with a few outlier exceptions) since early October. Traders on both sides of the aisle are surely getting weary of this. Given this history, odds favor a push higher, since that's the nature of support. But as we saw with 860 on the S&P earlier this week, if support does give way, prices fall very rapidly.
If we do get some strength, I expect it will hit some serious resistance at 8400, a mere 200 points from here.
