Important Swing point Developing

Since the low on January 23rd the market has been on a quest to find direction and 1348 on the S&P 500 has developed as the swing point in that direction finding period.  Overnight the futures market has had a wide range of of 1337 to 1357.  Where we close today should set the stage for the next few weeks.  In our opinion a close above 1348 means higher price ranges, a close below will mean lower price ranges.  The weak volume numbers since January 23rd are not encouraging for higher prices,  but investor sentiment is pushing more and more to the negative side. This is a positive.