A lack of conviction - is something I often call a market indecision pattern. Certainly, it was that but there didn't even seem to be much tension on the tape, just a bit of shuffling and for many stocks a slightly defensive tone.

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Almost all major 'AI' stocks broke down weeks ago and try to bounce now and then, and probably that hampers the smaller companies' enthusiasm, until or unless they report good numbers, have promising contracts, or both. Today I guess one example would be ON Semi. (ON), which rallied on good reports while others were defensive or even negative.

I would not make too much out of the day, since a quiescent session can sort of stimulate too many efforts to find a 'why' for a small gain or loss, when for the most part, nothing happened, or I should say no circumstances changed.

Keep in mind the proximity to major trend lines for the Indexes, the Fed right ahead, war(s) and political chaos, which is generally distinct from markets, at the same time there are many confusing aspects to the surroundings which a lot of Americans are frustrated with. Plus, in markets we expected heaviness in July's 2nd half, followed by choppy behavior (at best) in August 'dog days'.

There is no change in suspecting closer to S&P 5000-5100 in August after a couple of bounces, plus part will depend on reaction to Powell Wednesday.

Market X-ray: 

Given that outside of global tensions (U.S. pressure on Israel to not escalate if possible, regarding Lebanon), or North Korea (when Kim is seen driving his Lexus around), and disappointments with 'Big Mac' results, it was not a consequential session. Nothing need be said extensively about this day's action, it's just on-holding ahead of the Fed.

Bottom-line: 

Market shuffling and mostly defensive, in proximity to a majority of primary uptrend lines for major Indexes. This is basically awaiting the FOMC reflections beyond 'not' cutting, although I personally would prefer, they go ahead and start the easing sequence, or if not at least discuss it.

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