Generally speaking, there are two trends happening in the market (we’ll set aside the fact that the long-term trend, going back five years now, is up………obviously). The intermediate-term trend is ascending, as illustrated below by the green tints. The market has, for months, moved on to higher highs. The short-term trend, however, is bearish – illustrated by the cyan tints – creating a petite descending channel. By the end of day tomorrow, we should know whether this short term trend has been thrown in the garbage, or if the intermediate trend has, in fact, been broken for good.
