Markets in a brief rally mode

As much as I despise technical analysis, the following short-term pattern on the S&P 500 chart came to mind and is probably on the minds of technical traders out there:

It would suggest that we would see another couple percent of gain in the S&P 500 before this stalls out (to around the 1310-1320 level).

It is my opinion that we continue to be in a range-bound market and that index investors are not going to be making money on their investments. In order to seek outsized returns, you must be able to look at smaller cap companies, but these come with larger risks.