Sideways at the 50-day Moving Average

Last week the Dow consolidated in a sideways path along the 50-day moving average, reclaiming about 50% of the ground it lost threes ago.  For the moment the 50-day MA is serving as resistance for the Dow.  This Forbes article states: "It’s unclear what motivated the market merriment, but some analysts suggested that the Federal Reserve’s dovish tone might have had some impact. In its semiannual monetary policy report, the Fed pointed to an upswing in inflation toward that end of the year, but didn’t suggest that it would prompt a more aggressive monetary policy, meaning that it’s still, at least for now, on track for three rate hikes this year. It stuck to its belief that inflation would hit or come close to its 2% goal."  We are approaching 600 days since the Dow last touched the 200-day MA, an extraordinary run - and also a possible indication that the "correction" has yet to fully express itself.  It will be interesting to watch this play out over the coming weeks.  In the meantime, the bull market's continuation is technically uncomfirmed. Once again, volume trended downward as the market went upward.  We are possibly in a lackluster phase for the moment.  But the longer the Dow hangs around its 50-day MA the more likely the bull will continue.