SPX has now spent five days trading in a narrow range with support at 1397 and resistance at 1406. Overall this looks like topping action, as SPX is too close to the upper bollinger band on the daily chart to allow for a lot of upside without at least some retracement. What we might well see though is a test of the April high, which is at 1422.38, with the upper bollinger band now in the 1420 area:
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