For all the day to day volatility we have seen in the equity market this year, it is hard to believe that the S&P 500 is essentially flat on the month as well as the year! The tight range of the market is even more evident in the trading over the last three weeks. As shown, the index has been forming an increasingly narrower range of lower highs and higher lows. Typically, these formations resolve themselves with a big move to the upside or downside. The question now is which side wins out. Will stronger economic data continue to support higher equity prices, or will continued weakness in Europe work its way over here as the debt commission deadline looms?