S&P strong, but rangebound

In the short term, the S&P is in rangebound between 1340 (its 100day moving average) and a few different levels on the upside. Upside resistance initially is 1360 (where the futures are as of this writing at 830am), 1365, then the biggest resistance of this range at 1370.

So a wide range for the near term is 1340 - 1370. As the broad market figures out where it wants to go, this is where we are trapped...for now. And if small caps can find some additional buying and get over their 100day moving average (IWM 100day is 79.77) then it would add fuel to the fire and additional upside would be likely.