The S&P500 index has maintained a low key status last week. Prices struggled to breakout above the 3295 highs from the week before.
But at the same time, the index looks to be well supported near the 3200 level at the moment. This sideways range could lead to a potential breakout in the near term.
A close below the 3200 level could accelerate the declines, which could mean that price action could slip back lower. The next lower support is at the 3000 level.
Watch the rising trend line which currently seems to be holding up the index. A breakdown below this level might, however, change the bias.