Bulls unable to lead a Rally

There isn't much change since yesterday, my full analysis is still valid (you can find it in the link below), I'll only go through the things that did change during the day:

The session started with the Bulls trying to break through the resistance at 4,721. The attempt lasted just a few minutes and the rest of the session the Bears lowered the S&P towards the support line at 4,655. The index is still trapped in that trading range that I have repeatedly mentioned in my posts.

The indicator that I follow, the New Monthly Highs vs Lows had a big change favoring the Bulls. However, that increase in the Highs, and the big reduction in the Lows, didn't get reflected in the price action. When these kind of discrepancies between price and indicators appear, I prefer to wait for further confirmation (columns G and H).

One of the advantages in the Markets is that an individual investor is not forced to trade. For my particular trading stragegy based on Stan Weintein's book "Secrets For Profiting in Bull and Bear Markets" there is not much to do right now, I can wait on the sidelines while the positions that I own (all of them on the Long side) are protected by stops. Eventually there will be some catalyst that will give the Market direction, not necessarily bullish, that will be the time to trade.