S&P 500's Lethargic Chart

 | Mar 13, 2017 10:58AM ET

The S&P 500 is holding true to the rising trend line and is also holding its 20-day moving. The FOMC is also upon us. This is the week that it is likely to raise rates and if you remember, I've been saying for a couple of months now that the Fed will raise rates because with the market soaring and jobs still coming in strong, it has no other choice but to take advantage of the strength the market is showing and raise rates, especially if it wants to appear credible at year's end with its projected three rate-hike projection.

Banks may pop on the news but in the past week, they have shown no signs of it with price stalling considerably -- especially among the regional banks.

Volume on SPDR's S&P 500 (NYSE:SPY) has been solid the past two days, which is unusual considering the price action of late. Friday's action represented a breakout of the bull flag on SPY as well, but once again, the intraday price action was nothing to get thrilled about.

T2108 (% of stocks trading above their 40-day moving average) bounced on Friday by 5.3% and managed to climb back above 42%.

Finally, keep an eye on oil -- It has been on a hard 5-day pullback. It has been a while since we have seen considerable weakness in the commodity, but if it persists, eventually it will effect the broader markets more directly.