The purgatory the stock market currently is consigned to could last a long time. By “purgatory” I’m referring to an overall directionless market that trades above its bear-market low but below its previous high.
That’s the bind the U.S. market is grappling with now: The S&P 500 SPX is trading above its low of last October, but below its high at the beginning of 2022.
Many…