The market has been in a prolonged trading in a broad trading range for some time.  I’ve drawn horizontal lines to identify the range on the chart below.   Currently, it is approaching the 200 day moving average as well as the mid-point of the range from the bottom.  Both could prove to be extreme resistance levels for the market to overcome in the short-term.  The expectation is that it will be a while before the market breaks out of the existing trading range so traders should anticipate taking smaller profits and placing tighter stops.