Over the last eight trading days, the S&P 500 has declined a grand total 0.13%, which is less than 2 points. Strength is being sold and weakness is being bought, and that keeps us pinned down. For four days now we have had negative action but don't quite seem to crack. Last Thursday we had steady selling all day, but in the last three days the dip-buyers have bailed us out just in the nick of time. With window-dressing pressures now over, will those dip-buyers be less zealous?
I'm seeing this is the first January ever in which the S&P500 did not have a day with a loss of more than 0.6%. It just goes to show how the market has not traded in "normal" fashion. When human beings are in control, there usually is some ebb and flow, and emotions shift, but in this market, which is largely machine driven, we never have the excess of emotions overcompensating in one direction then the other.
AMZN earnings are out, and revenue disappointed. That is giving us a little pressure after hours, but this is a market that keeps bending but not breaking. As long as those dip-buyers are out there, we'll be OK, but you have to wonder if they are losing some steam.