Is any daytrader feeling sea sick from the ‘ebb and bob’ of yesterday and today? Did today feel like a repeat of yesterday, but only in reverse? If so, you’re not alone.

We do live in interesting times, that’s for sure. Price in all major US Indexes closed just shy of where it opened yesterday, creating a near mirror image on the daily charts of the indexes. The intraday action, however, was not so ‘mirror image’.

Let’s take a broader view:

Nasdaq Index:

S&P 500:

Overview:

The technical downtrend still remains confirmed; price did not achieve any milestone today on the daily charts.

Price remains in the pattern of lower highs and lower lows, and remains below a trendline that is twice tested on the S&P and Nasdaq, and thrice tested on the Dow Jones.

All indexes are below their falling 50 period MA, yet above their falling 20 period MA, indicating a strange technical price zone.

All indexes are (officially) above their 200 period MA, which is the “big” dividing line some major funds use as the determinant for ‘trend.’

The S&P is behaving quite properly in terms of Fibonacci retracements. Price met resistance at the 38% retracement with today’s action. Price recently tested the 50% retracement.

We cannot get bullish on the indexes until price breaks above the trendline, above the 50 period moving averages, and ideally makes a higher swing high.

Until then, the odds favor more downside movement as the ‘wind’ of the market blows southward.