Range bound!  Let’s look at the charts.

The DJIA has developed a nice tight range over the month of May.  The top of this range (resistance) is 8,591 and then the 200 day moving average (red line) at 8,780.  The bottom of this range (support) is 8,220 and then the 50 day moving average (blue [...]

IBD changed their sentiment today.  Here is what they had to say.
Tuesday’s action — which suggested institutional buying — was a welcome boost for a market that had been consolidating after a long advance.
Factor in the action in leading stocks, and there were enough good signs to flip the Market Pulse’s outlook to confirmed [...]

Let’s take a look at an except from Jesse Livermore and look for  some modern day application of his wisdom.
Many years ago I began profiting from the simplest type of Pivotal points trades.  Frequently I had observed that when a stock sold at 50,100,200, and even 300, a fast straight movement almost invariably occurred after [...]

Here it is straight from IBD.
A distribution day is defined by a significant decline in heavier volume than on the previous day. It points to institutional selling.
With the distribution day count at four for the Nasdaq and the Dow, investors need to be cautious. Winners should not be allowed to cycle into losses or [...]

Right now the market is experiencing a pull back on lighter volume.  The market needs to hold this level or this pull back could turn into something more.  Here is a chart of the S&P500.