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We have been in a tight trading range of 2120 to 2170 for the past couple months. And right now we are treading water in the middle of that range struggling with the 100 day moving average at 2142.
Fundamentally speaking we are still in a long term bull market. And bull markets can have many corrections, pullbacks and consolidations that make you wait for the next surge higher.
However, if you wait for the surge higher, then you will be playing catch up and miss too much of the gains. That is why I felt comfortable getting up to fully invested recently after a long spell of having a big pile of cash on the sidelines.
Yes, there will be a day here or week there when I regret that decision. But whenever the bull is ready to run I will be right there to enjoy all the gains that unfold. I hope you will join me.
Best,
Steve Reitmeister
Executive Vice President, Zacks Investment Research
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Technically speaking...we are going nowhere fast. 
