Do we have a reason to rally ?

Going sideways in a trading range for a month means that the bulls and bears are balanced. At this point it's 50/50. There is a 50% chance we go up first and test 200-dma. There is also 50% chance that the move down is already underway.

If we get a good size bull day tomorrow, the odds will switch back in favor of the bulls.

Market history.

                                                   click on the image

RUS trying to hold it's 50-dma and trend-line support.