The above chart is an hourly chart of the SPDR S&P 500 ETF ($SPY) dating back to the beginning of September. The two horizontal white lines show the support and resistance for the index with the recent rally putting the $SPY up against a level that will prove to be tough to break through.
The $122.60 area is resistance and until a confirmed breakout is signaled, the market will likely continue in the trading range for the foreseeable future.
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