The market looks tired and sluggish and volume is anemic. The bears could easily lead a charge, but so far have decided not to.
The month and quarter end in several days and we also cap off the end of the first half of the year.
There will be plenty to chew on this week.
The main course is the FOMC decision Wednesday. The Fed will leave the fed funds target rate unchanged. The intrigue for the market lies in the directive and what it will say about the Fed’s economic view and its unconventional approach to handling policy matters today, as well as its state of preparedness for dealing with an exit strategy later.
There is a big lack of conviction on both side right now and volume tells the story. It’s an easy market to get chopped up in and I’m still waiting for clear direction. Summer doldrums can be a bitch.