After breaking through its relatively tight short-term trading range on yesterday’s Fed announcement, the S&P500 ran out of gas at 1333. Our best guess is that in the short run the S&P500 trades in a range of 1306-1333 as it tries to work off the overbought condition.
A break of the lower bound at 1306 could take the index back to 1277. Stay tuned.
(click here if chart is not observable)
Global Macro Monitor 
Don’t forget your expanding triangle post: https://macromon.wordpress.com/2011/09/01/sp500-takes-the-road-not-taken/
As you like to say, my friend, “timing” and we add “timeframe!”
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