In spite of my complaints about the lack of direction in the market, if you take a step back, at least we’ve got a little bit of a trend since June 13. On that day, equities were in many cases nailing lifetime highs and the S&P 500 was approaching an important resistance point. On an intraday basis, we have been carving out a fairly clean set of lower lows and lower highs.
Around the 18 and 19, there was an usually strong surge (North Korea?), so it seemed that maybe this downtrend would be ruined, but we have “caught down” once more, cementing the firmness of the move.
Two weeks isn’t a lot of time, but in a market like this, that practically constitutes a secular market cycle.