The last time the US equity market had a longer stretch of calmness was February 1969. As UBS' veteran market operator Art Cashin exclaimed Friday, it "was another waste of carfare and a clean shirt."

This is the longest stretch of market smoves less than 0.5% since 1995.

Cashin added that the S&P first touched 2400 back on March 1st and it has not moved significantly away from that anchor in the two and a half months since then.

Cashin's advice: Consensus says bulls need to regroup and punch out of this consolidation phase - the challenge is to take the S&P clearly above 2400. Stick with the drill – stay wary, alert and very, very nimble.