2014 so far is not even positive, $SPY is slightly down on the year.
2014 has traded inside a $185 resistance/ $174 support price zone all year being rejected at those level many times.
The resistance levels has coincided with all time highs and has been rejected almost a dozen times in the past 3 months.
The support level at $174 has coincided with the 30 RSI and the support levels from October/November.
The 5 day ema has held as end of day support for the past 10 days.
Last week the 10, 20, and 50 day moving averages converged showing how sideways the market is really getting.
Many leading stocks are doing very well $GOOG, $PCLN, $FB, and $YELP to name a few.
Long term up trend intact, intermediate term trend beginning to become range bound, short term is range bound.
The $DJIA is trying to hold its 50 day moving average and $XLF is trading under its 50 day moving averages as resistance they are in price bases not trending.
2014 is not 2013 for the stock market and traders would be wise to trade what they see not what they hope will happen again like it did last year.
