Wall Street is asleep.
Jonathan Krinsky, Chief Market Technician at MKM Partners, has again alerted us to the complete lack of action in the market today.
About two weeks ago, Krinsky sent us a table showing how historically tight the daily trading range was on June 20 and June 23. Those sessions had among the five tightest daily trading ranges since 1994.
Today’s table from Krinsky adds 12 years, and as of about 12:30 pm EST, Krinsky notes, the S&P 500 is trading in its fourth-narrowest range since 1982.
It shouldn’t come as a complete surprise that the action is so muted, however.
It is a shortened holiday week, and many market participants could be away. We also get the jobs report tomorrow morning, and people might be reluctant to do too much manoeuvring ahead of the data.
Those circumstances notwithstanding, however, we’ve noted time and again how little action there has been on Wall Street.
So you’re not just imagining things: it’s actually dead out there today.