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Record confusion: Narrowest Dow price range ever

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

The third longest-bull market in history appears to have hit a standstill.

The difference between the Dow Jones industrial average's high for the year and low is just 6 percent, putting it on track for the narrowest trading range in the first half of any year on record, according to MKM Partners.

"Two-steps forward, one-step back seems to be the playbook here," wrote MKM's Jonathan Krinsky, noting that while the bulls are still in charge, MKM doesn't expect a "knockout" year going forward.