There is little point in getting all worked up about technical subtleties at the moment, since the very simple key to the chart shown lies in bulls’ conspicuous failure to surpass the 2744.25 peak after three weeks of trying. Even if they are able to get past it in the week(s) ahead, that would not mitigate the obvious weakness they have displayed so far. Presumably, their ability to make headway after doing so would be very limited — almost certainly falling shy of new record highs.  Bears are wholly enfeebled as well, so get ready for a potentially long, boring stretch that will satisfy no one. If, in a year, the broad averages are trading about where they are now, don’t be surprised. _______UPDATE (May 21, 5:39 p.m.): A day of huffing and puffing failed to lift the futures above the key peak noted above. DaBoyz may succeed at this in the days ahead, but don’t be impressed with their bluff unless bears lose their cool. Short-covering is what pushes markets through ALL significant resistance, and it can never be ruled out entirely. _________ UPDATE (May 22, 6:43 p.m.): A mildly bearish day changed nothing in the outlook given above. _____UPDATE (May 23, 7:42 p.m.): Zzzzzzzzzz.  Zzzzzzzzzzz.  Zzzzzzzzzzzzzzzzzzz.  Zzzzzzzzzzzz.