Both the SPY and QQQ are nearing inflection points. While its true they could decide to move in their ranges indefinitely, they don’t often go more than a week without a range break. The SPY could decide to confirm the rounded top price action we’ve been seeing the past six sessions with an open below $450. Yesterday the bulls made their stand in the S&P futures contract, the /ES at the 4,495-4,490 level. This will be a key area to watch today, as we would expect the longs to continue to buy at that area if we reach it. It won’t go easily through there, but if it does, we could see a +ATR move to the downside.