The whole market is like a big game of chicken. Any attempt to breakout above 1113 was swatted down pretty hard by bears and profit taking. And truth be told there has yet to be a hard down move to break the 1085 support level. Once that breaks, things could pick up. But so far it hasn't.
In actuality, on the e-minis all hours, the bears had a great thrust down to 1067 over the holidays that never translated to the cash index when trading resumed. Suspended disbelief will not last forever. The rally is already over 9 months old. 10 months is a "perfect" Fibonacci relatrionship so again we await.
The primary count of a leading diagonal down infers that a harsh bear move is coming shortly maybe tomorrow. If it doesn't come, no biggie, let em take it higher if they can. Bargains! heh
Here is the problem in a nutshell: If a breakout higher occurs, "everyone" and their mothers will short it into oblivion. But the "expected"correction keeps any actual correction from actually occurring. Hence we are stuck in a range-bound market for now. They are all jockeying at the end of year and it reflects in the waves.