Range bound markets are good at extremes because reversals are reasonable to anticipate on both sides of the market, long and short, even if it is against the bigger picture. At the moment, price is fluctuating around the range high which is the 2671 area. The level to watch is the 2692 reversal zone boundary for reversals. This is where day trades or even conservative swing trade opportunities can appear on the short side.
Do not forget that the S&P is seriously affected by company and with fundamentals such as the recent tax cuts entering the economy, it is important to consider how such information is likely to affect price action. This is why you must know how to form expectations that are within reason on both sides of the market.
Reasonable expectations begin with having a perspective. And this begins with evaluating larger time frame charts, and considering the fundamentals that are relevant at the moment. Make sure to visit S.C. for more insight on this market along with many others.