The major indexes closed around flat, with the Russell 2000 exchange-traded fund (IWM) leading to the downside with a loss of 0.6%. The poor small-cap action was reflected in breadth of around 3,300 gainers to 5,050 losers and over 350 stocks at new 12-month lows.
Apple (AAPL) , with a gain of 1.8%, offset the losses in hundreds of other stocks, but Tesla (TSLA) , Moderna (MRNA) , and weakness in retailers like Target (TGT) and Macy's (M) offset the gains. Big-cap technology stocks managed a bounce at mid-day but fizzled out and closed weak.
The market's biggest problem right now is that there isn't much energy in either direction. The bears have the edge right now as the charts deteriorate and seasonal keeps buyers on the sidelines. But there are still some dip buyers and bottom fishers that are preventing a real washout that might shake things up.
There is some housing data on the calendar for Tuesday, but it is unlikely that we are going to see better energy until the Fed interest rate decision on Wednesday afternoon. We are stuck in the muck right now, and there isn't much we can do about it but wait.
Have a good evening. I'll see you tomorrow.
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