A Nice Range Into Fall

An overnight spike lower in stock index futures has more or less been erased, as the major averages are currently hugging the flatline. 

Biotechs tried to bounce at the open but were immediately sold, again, into strength, and are currently lagging many sectors and indices. 

As for intraday context, I noted on private feed not long ago inside Market Chess Subscription Services that the 30-minute chart of the SPY, ETF for the S&P 500 Index, offers good context against which to key for any shorter-term trades. 

Note the declining 20-period moving average (orange line) offering resistance since last Thursday, even with bounces along the way. As long as bulls fail to hold over that line, beyond breaking it momentarily, I expect bounce attempts to continue to be flimsy. 

For now, markets are chopping through a range, with bears likely needing to break us lower soon or else relinquish the initiative for a retest of the August lows.