We Know an Attack is Coming; But from Where?

At this point it is beyond obvious that most market indices are rangebound amid tedious action without much follow-through. While it is true that the surge in AMZN FB GOOGL NFLX of late may have masked some of that neutral action below the surface, in reality the majority of market players are keenly aware of the situation. 

It logically follows from that point that a break is coming--Discerning the direction and timing of the attack remains to be seen and is, of course, the tricky part. 

As I write this, crude oil is flipping green off its weekly inventory report. This reversal higher in crude seems to be galavanting dip-buyers in equities to defend 2130 on the S&P 500 Index, which marked part of the lower boundary of support since Labor Day. 

Should bears fail to break us lower from the 2120-2130 lower this time around, the case for rangebound or higher action into the election in two weeks grows stronger. There are only so many times bears can fumble an apparent good setup to break the market lower. Case in point: The AAPL CMG EW LUV P UA earnings gaps down should have provided ample ammunition on top of other factors like biotech and healthcare leading lower in recent weeks. 

Moreover, previously-strong charts like EXAS and GRUB are in the doghouse now with their own earnings gaps lower. 

To be sure, I am not in a rush to put on new long exposure. And I am not getting carried away piling into either shorts, either, given the bears' propensity to fumble when it counts most. So, that renders me opportunistic for inter-market trades like coffee, a few other ideas, and waiting for the attacking energy to show their hand a bit more.