TECHNICALS- SPX

Checking the charts, markets have been a bit disappointing of late as the rally off the 740 bottom seems to be fizzling and weak closes have been the way during the last week.

The numbers- seems like we can't get above 910 on top and can't sink below 840 on the bottom- a break of either number probably leads to further movement in that direction.

The 61.8% retrace is the 905 area and the 840 area is the 38.2% retrace- using the 1005 area as the high and 740 as the low- so not sure how busy it will be this shortened week but just some areas to monitor.

The short term moving averages sitting in the middle waiting for something to happen- the SMA 50 at about 898, the 10 day starting to turn down at 891 and the 20 day moving up a bit at 873 while the 30 is steady at 871.

Bottom line, markets look like they want to move and a break of 905 is probably higher and a move below 840 probably says lower.