April 22nd 2013: SPX is range bound and down!

This weekend, I had an epiphany of sorts.  The stock market is just like Smokey and the Bandit.  The Bandit is constantly trying to steal your money and stay a few steps ahead of Smokey.  If I ever get my hands on the Bandit, I'm going to wring his filthy neck...

From the recent $SPX chart, it appears that we're range bound and down!  [sorry, i couldn't resist]

After 2 failed breakouts, the FORCE index has turned blood red as volume blew out last week.  I could point out the bearish divergences on the chart, the chorus of secondary indicators (like accumulation/distribution days, bullish percent indexes, summation indexes, new highs vs. new lows) but I won't.  It all boils down to price.  The box (range) that I'm looking at now is 1540-1600.  Ideally, I'd like to see a weekly close that exceeds one of those numbers and holds.  Nothing else matters.  If I were a betting man (and I am), I'd bet that we close down.  However, I'll keep my opinions out of this one and let price decide where it wants to go.

Here's the chart and box (range) highlighted in blue outline:

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http://stockcharts.com/public/1109955