The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are up.
We’re getting the typical premarket movement from individual stocks, but all the gains and losses are cancelling each other out and leading to the indexes being flat. Even the firing of the FBI Director isn’t changing anything.
NVDA is up solidly. WIX continues to climb. CROX is jumping, having been in a downtrend for a while. EA is up 7%. TRIP is up 6%. On the flip side, FOSL is down 22%. YELP is down almost 25%. DEPO continues to sell off.
But despite these moves, and others, the indexes are flat – just like they’ve been the last two weeks.
The S&P has traded in a 24-point range the last 11 days. It’s trying to re-assert its intermediate uptrend, but it just can’t get any traction. Every little move up stalls and gets turned back. Other than the Nas, which is obviously trending up, this is how all the indexes are acting – just not able to build any momentum.