The SPX futures market has been stuck in a narrow range for several months now, with little movement outside of a ~200-point band. Despite several failed breakout attempts, the index continues to choppily move within this confined space. Currently, the 50-day and 100-day moving averages provide support just below the current price level, while resistance is found at around 7000.

The chart above highlights the stagnation in the SPX futures market, with prices bouncing off the lower end of the range around 6800 and 6700. The 200-day moving average, currently sitting around 6765, acts as a formidable resistance level that has so far prevented the index from breaking above it.

The lack of movement in the SPX futures market could be attributed to various factors, including economic uncertainty, geopolitical tensions, and shifts in investor sentiment. The ongoing COVID-19 pandemic and subsequent lockdowns have also had a profound impact on global markets, causing volatility and disrupting supply chains.

Despite the current range-bound trading, it’s important to keep in mind that market conditions can change rapidly. As such, it’s crucial for traders to stay informed and adapt their strategies accordingly. Those with a long-term view may find opportunities in the current environment, while shorter-term players may want to wait for a breakout or failure before making any moves.