Spread Throughout the Range

The range on the S&P 500 Index since Labor Day (seen below on the hourly zoomed-out view) had grown so constricted that within the last twenty-four hours we went from what looked to be a bonafide upside breakout attempt to what now looks to be a breakdown attempt this morning. 

Crude oil softening and Alcoa down more than 10% after earnings are some obvious excuses for the sell-off. But simply put we have an indecisive market which continues to have major issues making up its mind. The failure of the rate-sensitive complex to stage much of an oversold bounce is also likely causing some consternation among market players. 

We have a few go-to short ideas on the radar which have been noticeably lagging. But, overall, the focus is on keeping a tight leash on longs and adjusting to a market sporting what at this point has to be considered historical indecision.