Okay — where are we at — what are we doing — and where might we be going? Of course, it’s a fool’s game to try and guess direction, but that’s okay. We don’t need to know the future — only react to what’s happening now.
So here are the charts —
The last few days have been down days for the market and we’re under the 50 hour MA — that makes a short term down trend. So be careful with your short term trades to the long side.
As you can see we’re looking for a bounce on the 50 day to keep the recent uptrend in tact. Will this hold? There isn’t a lot of volume behind the bounce, so it’s looking iffy.
We have been in this sideways range for over a ear and it’s driving traders crazy because back and forth sideways slop is the worst trading environment. Hopefully the market picks a direction soon.
- Hourly – DOWN
- Daily – UP
- Weekly – SIDEWAYS
Not the best market for trading — so be careful out there.