The stock market is in no man's land. Here's what investors should expect next

All that and we're still not oversold. Last week, the Nasdaq fell more than 3% and entered correction territory, while the Dow and S & P 500 each shed more than 2%. But according to the S & P 500 Short Range Oscillator — our most trusted indicator of how to act during big upswings or huge downdrafts in the market — we're still overbought. At Friday's close the reading was 1.37%.

We had the spendthrift consumer, then the prudent consumer, the frugal consumer, the tightfisted consumer and then the consumer who substituted for cheaper goods and, finally, the consumer who went on strike. The strike is recent and it is happening in unimportant months. So who knows if Fed chief Jerome Powell is really wrong or just off by seven weeks — the time til the next Fed meeting.

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