The past three days have been tough days for trading. There have been really no patterns to follow, and technical analysis has been awash. Add the Fed spewing their garbage today, and you have a market that is all over the place, and honestly it is quite frustrating.
As it stands right now, determining direction from this market is extremely difficult and whether it continues the bearish trend that it has been on of late, or if it bounces in the short-term to relieve some of the oversold stress the market is under, cannot be determined with any great level of confidence.
I’ve posted the charts on the S&P and the NASDAQ below – I’ll probably post the NASDAQ and S&P weekly charts at some point tomorrow.
Here are the NASDAQ and S&P Charts…