By Lawrence G. McMillan, MarketWatch
Despite some strongly bullish days and some very strongly bearish days, the stock market is going nowhere.
The S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.23% continues to bounce between 2825 and 2950 and has been in that trading range since early August. Even so, the SPX chart continues to have a bearish slant that would only be cured by a breakout above 2950. That is, the moving averages and “modified Bollinger Bands” (mBB) are trending lower. Moreover, the oversold rallies have not been able to even climb above the declining 20-day moving average — although that might change today, as that MA is finally down to 2893, and SPX looks like it will trade above that level today.