Half the year is over, this is a good time to look back and reflect on trading thus far. As we look at the first 25 weeks on a weekly chart of the S&P500, we are essentially right back where we started, trading in a range for the past 8 weeks.
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The internals opened Monday weak to the downside with -2000 readings on the NYSE A/D line. The Federal Reserve’s FOMC Meeting Announced they will continue to hold rates the same and see the pace of economic contraction slowing.
The 20-Day and 50-Day Moving Averages continue to act as areas of consolidation and pivots for the markets. In week 24 we broke down below the 20-Day MA. In week 25 we put in a lower high and closed below the 50-Day MA only to rally back up above the 20-Day MA resulting in a choppy non-trending market. The NASDAQ continues to act as the top line figures leader.