This is a well known chart formation, the low volume, trend channel boogie-woogie. Was on, was off.
A self-absorbed up and down motion which I am sure is familiar to most of these traders. Turning Japanese.
The objective is to keep the market in a mild uptrend, which is necessary to lure the money in, while sweeping it back and forth, sometimes violently, to wring some coin out of the shorter term, and often skittish, speculators whose blood pressure falls and rises with every wiggle on the charts.
Let's see if we get a real move in these markets, or if we stay in a loose drift higher with a regular channel 'sweep.'
This is Wall Street, with the adults off in the Hamptons.