By Lawrence G. McMillan, MarketWatch
The S&P 500 index has risen modestly over the past week, but it has not convincingly broken out to the upside.
Technically the gap that formed the island reversal (circled on the accompanying SPX chart) has not been filled on a closing basis. Since that island was formed, the S&P /zigman2/quotes/210599714/realtime SPX -0.25% has traded between 2965 and 3185. There is a slightly wider trading range demarcated by the horizontal red lines on the graph — 2920 to 3230.