S&P-500: Walking a Tightrope as it Consolidates

The run-up from the March lows has been truly amazing – a fast-paced, steep run. Now, after a nine-week sprint, the major markets have taken several weeks off their breakneck pace for a well-deserved breather. Steep trends are typically more difficult to sustain. The S&P-500 has taken some time to pause and consolidate, having moved laterally for the last four weeks.