The markets opened higher this morning, but had given up most of those gains by late morning. Then we wandered sideways and slightly lower into the close. SPX lost one dollar to close at $2098. RUT also lost a dollar, closing at $1232. Volatility was unchanged with the VIX closing at 13.8%. Trading volume was slightly higher in the S&P 500 stocks with two billion shares, just below the 50 dma at 2.1B. Trading increased 2% on the NYSE and decreased 2% on NASDAQ.

Retail sales were flat in April (zero change), after a 1.1% growth rate in March.

The markets feel like old champagne (very flat). The longer this persists, the more likely the move higher or lower will be strong. The coiled spring analogy is historically accurate.