Those that view the message of the market on daily basis are likely confused by trading noise. While trading noise contributes to the long-term trends, it does not define them. Human behavior tries to explain trading noise as a meaningful trend. This confuses the majority which, in turn, contributes to their role as bagholders of trend transitions.
Market
Trends
Price and Volume
The primary trend is aligned up (LTCO > 0 and LTREV > 0).
Price and Leverage
The secondary trend is aligned up (LTCO > 0 and LTLO > 0).
Energy
Q3 DI = 8% defines accumulation within a bearish cycle.
Time
BuT = 74 weeks. Average aligned up impulse is 39 weeks. BuST = 0.8 indicates BuT is beyond the norm but not statistically extended (BuST > 2).
Seasonals
Seasonal weakness is generally displayed until September.
Conclusion
While the primary and secondary trends remain up, they're aging as stocks enter a seasonally weak period. Smart money remains patient but has no reason to sell or short stocks.