Two things working against us experiencing any sort of clear direction when it comes to stock indices.
In September, bets are being made as far as the Fed’s decision in September regarding interest rates. However before that time, we also have the upcoming Jackson Hole speech on Friday by the Federal Reserve Chairperson, Janet Yellen. Of note today, is the strong buying in the 5-year note auction.
But I think that until such time as such decisions are finally ‘known’ … we’re going to be as as range-bound as a 1979 game of ‘pong’.