The Market Is Trapped

Major news the last two weeks has not sparked a move either way.

PRE-OPEN MARKET COMMENTS FRIDAY - The daily chart of the SPY tell us all we need to know. After a heavy news cycle (mega cap tech earnings, the jobs report and the FOMC statement) the market has not budged. These potential catalysts did not produce and the market is waiting for the next driver. In the last week we have seen compressed intraday ranges that have resulted in dojis on the daily chart. If the recent round of news didn't generate a breakout/breakdown, I doubt that anything will move the needle the rest of the month.

Daily Bulletin Continues...