With price moving into some major resistance in the 1333-35 level price could continue to stall here and stay in a consolidated range if the volume on the open is light and nobody takes control of this market. If the does come in however. look for a retracement on the previous move up, the buyers ran the market up 70 points last week and a retracement could be in order. Don’t rule out a reversal at this point yet either as we have a formed H&S on the daily chart with the right shoulder coming in at…. You guessed it, 1333.00. Watch the volume for an indication of where the market may move and who is taking control.
Day Trading Course, S&P 500 Daily Price Action