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.
The term structure of the VIX, a reliable timing tools for US stocks, entered a risk-off phase 13 weeks ago. Probabilities of a reversal or transition to risk-on phase increase as BrST > 1. BrST = 1.3
An important side note: VXX entered Double Downside Alignment 5/2. This signal, a setup that could lead to triple downside alignment, is bullish for US stocks, even as prices decline sharply today.