It has been said that the opposite of love isn't hate, but indifference. That sums up today's market action rather well.
There just wasn't any strong emotion out there in either direction. Market players weren't rushing to dump stocks, but they were not very interested in being involved with them, either.
The action deteriorated steadily all day, and the S&P5 00 closed near its lows of the day. Breadth slipped steadily but still ended up in positive territory. Cannabis names, for example, had a good day, but oil was slippery, and the FATMAAN stocks were mostly lifeless.
It may just be the summer doldrums, but if the market is going to go through some corrective action, this isn't a bad way to do it. It makes for a more drawn-out process, but there are still some trades working if you do some digging and keep time frames short.
We have some earnings reports rolling out, but most of the big names are already finished for the quarter, so there won't likely be any market-moving reports. Small caps names start to report tomorrow.
There isn't much to love about this market right now, and if we had some real hate, we could produce some resolutions, but we will have to deal with indifference for a while.
Have a good evening. I'll see you tomorrow.