We had mentioned last night that 3584 would provide resistance and it did, at least for a short scalp. The S&P tested this, then retraced to 3547, over a 30 point move. Currently it is ranging between these two levels. Unless there is a news event to drive it otherwise, it is likely to remain ranging. If it does break down, however, we could see a lot of momentum here, to 3485, a Fibonacci level, or lower. If you are range trading the S&P today, keep that in mind. Eventually, we anticipate stocks will make highs again, but there is more risk to the downside at this point, even if it is just a technical retracement.

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