The S&P 500 tried to surpass the 2740 resistance without success, before falling back into the trading range it has been in for the last two weeks. This market action may jeopardize our scenario of an up move up to the next resistance at 2750-80. Most of our indicators are neutral and we haven’t observed any signs of speculation for the time being. The alternative scenario is the continuation of a trendless market in a narrow trading range.