March 21, 2014: Failure to retain breakout frustrates both Buyers and Sellers.
A volatile options expiration frustrates both Buyers and Sellers. SPX remains in a defined consolidation range with the final resolution to determine the direction of a durable trend. End of month seasonality slightly favors Buyers and a possible breakout higher. However, prudent investors/traders will wait for confirmation. Until then, speculative participants may continue to consider Implied Volatility Band set-ups (long and short) as long as market breadth is not too extreme.