I think if there were one word I would use to describe this market, it would be annoying. And I'm sorry if I've written that exact same sentence recently; I truly can't remember if I have or not; but this is definitely how I feel!
It's gotten to the point that when I wake up to start a new day, I feel like I'm about to walk into a boxing ring again and wondering how many sucker-punches I'll need to endure. All too often lately, I will be showing very fat profits in the middle of the day, and this end-of-day nonsense comes along and evaporates them. I'm not getting stopped out, but it's like the profits are being dangled before me, in a teasing and taunting manner. It gotten really old.
I went through over 1,000 individual charts in the past 24 hours, and there wasn't a single one – not one – that appealed to me on the long side. There were an abundance that looked intriguing on the short side, however (hence my prior post of ideas).
The three charts below are all of major indexes, and they all suggest to me the same thing that I've been feeling lately, which is that a meaningful descent makes the most sense now (most of the big indexes fell a little today, but it surely didn't feel like it, since there were down so much more before).
I've also tinted in an area I'll call "the zone of doubt"; if these confounded indexes manage to shake off their malaise and push higher, I think these tinted areas show the hefty amount of risk bears are facing, since there's not much standing in the way of these markets pushing through the entirety of these regions if they can get above the current range.
I'll see you in the morning after Retail Sales are announced. I've had enough for today.
