It's one of those failure to launch sessions, as a big early move has mostly faded, but sellers seem exhausted as well. Maybe it's consolidation, which is fine, as long as the S&P 500 holds up above 4,382 and 4,315 - former resistance points, which are now important support levels.
Investors are rotating back into cyclical and other defensive names, as reopening stocks react to lower guidance from American Airlines (AAL) by rallying higher. The big story is tech - especially those newer names that have enormous promise but were clobbered over the last couple of months (we have the battle scars to prove it).
I do not see President Biden's Covid19 speech at 5PM moving the market, but actions by private businesses could slow the economy. On that note, however, there are signs the Delta variant is fading. Not sure how much vaccine mandates are a moot discussion, if that is the case, but it would be good for the economy, even as it greenlights faster Fed action.
Do not fear any taper tantrums and know the Fed is not hiking rates for a very long time...many years.
We are going to stay on the sidelines this afternoon.