I can not recall seeing the 20D, 50D and 200D moving averages all consolidating as they are right now. In the midst of very significant events – i.e. earnings, more Fed action/inaction, employment numbers coming etc, we have serious price congestion either side of 400 on the $SPY. No one can say for certain what this means, but I would bet on significant upcoming volatility and once direction is confirmed – maybe above 410 or below 390 – we should see a new primary trend established. This will be fascinating.