New day, same script. This morning it looked like bulls were going to take back this market as they attempted to push out of this mini flag the S&P 500 has been in for a week but there was no energy and the rally was sold off, pushing stocks decently into the red before a mini rally later in the session. In the end the S&P 500 was up 0.04% while the NASDAQ added 0.48%. With key reports each day the rest of this week, along with the conclusion of the Fed meeting tomorrow maybe we will get a direction after nearly 3 weeks of churning. There were 2 economic reports on the day:
Single-family home prices rose 1 percent in May on a seasonally adjusted basis, according to the S&P/Case-Shiller composite index of 20 metropolitan areas. Economists polled by Reuters expected a gain of 1.5 percent. Consumer confidence slipped slightly to a reading of 80.3 in July from an upwardly revised 82.1 in June, according to the Conference Board. Economists surveyed by Reuters expected a reading of 81.1.