We are Range Bound Ahead of the "Next" Significant Move

I took a little holiday last week, but I'm back to trading again. We are at a key range between 1068 and 1080 on the ES. If we confirm a move above 1080, I will be looking to buy the pull backs as that would be a bullish sign. However, the more likely scenario in my mind is that we move down from here. The signal would be a confirmed move below 1065. I still believe that the lows have yet to be reached in this market. If we are going to get a real push higher, we are going to have to flirt with the lows one more time. That means threatening 1000 on the ES. I wouldn't be surprised to get a pierce of the psychological 1000 level.

Today's trading is very choppy, a typical behavior before a significant move in one direction. There are many flushes up and down to try and get as many people out of position as possible right before taking the market higher or lower. We'll see what direction the market decides to move. My bet is down...

Note: Alcoa kicks off earnings after market close. The market has gained over the past week ahead of earnings. That is another part of the reason I am bearish here. May be the opportunity to sell positive earnings...