Here's something many people haven't noticed: The S&P closed at 7,431 on Friday, still 2.2% below the June 1st all-time high of 7,599.



This Wednesday, all three major indices rose—Nasdaq +0.6%, S&P +0.5%, Dow +0.6%. Sounds decent, right? But upon closer thought, this week had the largest IPO debut in history, positive news from the Iran peace agreement, and a sharp drop in oil prices cooling inflation. Yet, the S&P only gained half a point.

All the good news has been exhausted, but the market can't move up, which is more unsettling than a decline.

Of course, it could also be that everyone is waiting and watching before the FOMC meeting, unwilling to add positions. Tuesday's debut of Kevin Warsh is the real test. Until then, the indices are likely #SP500 to stay within this range.
XAUUSD0.18%
NAS1000.84%
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