Today marks day 15 of the current rally in the U.S. equity markets and the action the past three days is suggesting that this rally may be running out of steam. The December E-mini S&P chart in particular seems to be indicating that we are still rangebound and that the markets are merely testing the upper boundary of the range.

U.S. stock index futures are trading lower in the pre-market. Although the indices sold off last night, they did mount a recovery from the lows, but traders are still skeptical about how the markets will react to the news that Cisco’s sales forecast missed analysts’ estimates when U.S. markets open later this morning.

U.S. Equity markets are trading lower this morning after an overnight surge fizzled ahead of this morning’s employment report. The June E-mini S&P 500 is selling off sharply after the breakout above last week’s high at 1106.75 failed to attract new buyers.

Based on firm Asian equity markets, U.S. stock indices are called better, but traders should brace for another day of light volume and low volatility. The slightly weaker Dollar is lending some support to higher risk assets overnight, but traders seem reluctant to take a major position ahead of this Friday’s U.S. Jobs Data.