US500 4 HOUR CHART
When you compress this chart you can see US500 has been in a range and consolidating for more than a week.
It feels like markets in general are waiting for Israel’s reprisal to get the focus away from geopolitical risks.
Stocks, meanwhile , are waiting for earnings to see if current lofty valuations can be justified.
In any case, risk of a recession has faded and question is whether the uS economy is headed for a soft landing or no landing (i.e. continued growth).