It was a record-setting day of dullness as the market was close to comatose.
The indexes were mixed, breadth almost flat, the trading range narrow, and volume light. There were 600 new highs as some names drifted higher, but only a couple dozen names managed to move more than 10%.
The good news is that this sort of action is a good foundation for an eventual move higher. A base of support is being built, weak holders are exiting, and overbought conditions are dissipating. The longer a market stays steady, the greater the likelihood that fear of missing out will build.
Earnings season starts next week when some of the big banks begin to report, but we will stay have to wait for the great bulk of important reports until the week starting April 19. If the market remains relatively complacent going into that news, it will likely be an excellent technical setup.
Quite a few interesting charts are developing out there. They may not do anything in the near term, and if you are looking for some immediate momentum, then you are likely to be disappointed, but if you are patient and manage positions carefully, then the future looks promising.
Have a good evening. I'll see you tomorrow.