Our analysis of the S&P 500 (SPX) is for stocks to trade in a range, with downside risk increasing in the coming weeks as the current minor cycle comes to completion. In the meantime, we will keep an eye on the 2821 level, which is the bottom of our minor support zone. Below that, our short term cycle support is at 2798. Along with a breakdown in momentum, a move below one or both of these levels would be a bearish signal.