The Federal Reserve's decision on a December rate hike, corporate earnings, high profile ipo's and geopolitical concerns have been grabbing the headlines and controlling the dialog, yet the market is still bouncing in between well defined support and resistance levels.
For example, even as the terrorists attacks in Paris were causing chaos and fear, the market behaved rationally and bounced right off its 50 day moving average (red line above).
It has since rallied into some resistance at the 2089 level and is currently settling into a battle here at the very important 2079 level.
Of all the factors that may affect the market, I expect year-end performance anxiety from institutional money managers to trump them all.
In other words, buyers are higher and sellers are lower, which should create a great environment for range traders.
Rather than getting overly bullish or bearish, I'm using the levels in the chart above as inflection points to trade against.
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