And to be honest, "a bit of a breather" is an understatement. Over the last two trading weeks, the index has stayed in one of the tightest ranges in its history. In the last 11 days, the S&P has traded in a 0.61% range (based on closing prices) which makes it the tightest movement over that timeframe since August of 1995. The research team at LPL Financial ran the numbers on how these tight ranges have tended to resolve themselves. A number of other research groups also made note of the dull market conditions over the back half of the month.
The NASDAQ on the other hand continued to power higher with an assist from upside earnings surprises by a number of tech's biggest names including Facebook, Apple, Google/Alphabet and Amazon. The index finished the week with a gain of 1.2%, leading all of the major US equity indexes.