The two strongest months of the year could do nothing to break the market out of its six-month trading range. And election years tend to be choppy, so there's no guarantee that the indexes will break out any time soon. When Is the Best Time to Buy Momentum Stocks? - Seeking Alpha::
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The S&P 500 (see first chart below) remains stuck near the bottom of its trading range. If it goes much below 1440, 1428-1432 and 1420 come into play, while 1480-1500 remains a big hurdle to the upside.
If 13,000 goes on the Dow (second chart), 12,800 could be next. To the upside, 13,360 is a big resistance area. Book Review: Either Read Technical Analysis Using Multiple Timeframes ::
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The Nasdaq (third chart) has support here at 2600, with 2590 and 2540-2550 below that. Resistance is 2650-2660, 2680 and 2700. Stocks in focus for Monday - MarketWatch::
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In short, still a very range-bound market, but one that could get a lift later this month in anticipation of more rate cuts.
Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association.
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Technical Analysis: Stocks Stay Stuck