SPX - still excited about stuck?

On recent highs, March 29, we sent our thematic email (premium subs only here), Buy the rumour...sell the news?, arguing basically that the squeeze we had back then was about to fade. Since then the market has come down, but SPX continues trading without a short term trend. The index is stuck inside the range that has been in place over past weeks. First support is the 4440 area and below that we have the 4380 ish support area to watch. Resistance is the 4590 and the 4620 levels. Note the negatively sloping 100 day, but still the positively sloping 200 day moving averages. We remain of the view that this market needs to consolidate before any new meaningful trend takes over. We need stronger narratives than the current stuff in order to move beyond the range.