If you are looking for a trend on the daily or any clue as to the direction of this market, you won’t find it by looking at the daily chart on the S&P 500 (SPX). In fact, you will have to drill down into the intradays, namely the hourly or half-hour chart to find what the market is really doing under the surface, and that is, it is stuck in a downtrend, while rallying today following an established lower-low on Friday. stock market still falling

Follow me so far? Essentially, don’t be fooled by this bounce today. Yes it sucks, if you are trying to follow a trend, but it doesn’t resolve anything for you the trader.

Unless it can find a way to break through 2185 before the close, this market should still be treated like the bear it is

And for the bears, it really needs man-up and do something for once, the bulls are barely putting up a fight, yet the bears remain unable to drive any real fear into this market.

Yes there was the sell-off on Friday which was amazing, but it only lasted, oh, until the bull’s “scheduled-ramp-higher-at-the-close-appointment” that it has nearly every day. 

Ok, I’m just going to stop there, and let you see what I’m talking about in the chart below. 

Stocks Rally But Market Still Stuck in a Short-Term Downtrend