Today is a head Scractcher

There is no clear short term direction in the stock market today.  The oil inventory report at 9:30 AM CDT and the Feds Beige Book will be the highlights of the day.  On this kind of day, one might be best to be satisfied at positions decided at the 1560, 1337 and 1411 rally points.  This is a declining market structure where short term traders can prevail from both the long and short side. 

Ths past two days do point out the weakness in that structure and we would suggest that the bottom side of a S&P short term market range be lowered to 1339 with the top side remaining in the 1390 area.

The early market action in oil indicates that oil traders are looking for a bullish inventory report.  Lets see if they get it.

6:07 AM CDT