This market is going to put traders to sleep soon. I put up the midday chart showing the S&P500 moving up towards the 50 day moving average, then bouncing back down. Most likely to the lower level of the trading range. *Yawn*
However, we can look forward to either a very strong break out or a strong decline once the equity market is able to break out of this trend. The longer the sideways trend, the more energy breakouts typically have. Now is the time to put together a shopping list for when the breakout – or breakdown – occurs.