The market is trend-less and flat..Some days it goes up and some days it goes down... It does not have a particular direction or sense of purpose.
Have a look at the screenshots of three ETFs and the Dow Jones Industrial Average Index using DreamTai Stock Trading Software.
Technically, as the markets are below the two moving averages lines ( Blue = 20 days moving average line and Pink = 50 days moving average), we can say that the markets are bearish. So it is safer to refrain from buying any stocks.
If you have shorted stocks, keep the shorts, but have your stops in place.
Have a look at the Power Rankings for the ETFs. You see that are power ranking are 1.12 for QQQQ, 0.25 for SPY and -0.04 for the DIA.
This shows lack of any buying pressure or selling pressure. Usually, if there is a HIGH buying pressure, the power ranking is above 3 and if there is a high selling pressure, the power ranking is below -3.
May be the big investment banks and the financial institutions are not participating to the full extent, because they have other crisis to handle. The small investors appear just as confused because one day the markets zoom up and then the next day the markets turn down again.
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