The S&P 500 is Ranging, Can it Break Out??

After topping out at 4632 as we anticipated, stocks have tested 4521, but appear to be equilibrating. We have mentioned that it is likely that the S&P 500 would either retrace or form a sideways corrective pattern and it appears the latter is the case. We are currently testing 4580, after which we have a vacuum zone back to 4632. It will take some volume to push us through this so watch for momentum at open. If this doesn't come through watch for continued support at 4521. If we break through this, watch 4462 and 4440 for further support.