Investors are frustrated, irrespective of their affiliations (bull or bear).
And here is why it has become so frustrating for nearly everyone.
This is technically driven slop. The technical nature of the market is on full display presently. "The lines" in this chart haven't moved to fit the market. The markets have moved to fit the lines. In other words, we are basically pinballing between important technical points until the market figures things out.
The question everyone should be asking at this point is WHAT?
What exactly is driving the market to become a technical zombie while it figures things out.
Yields are falling.
The USD uptrend has fully reversed.
Market averages globally are doing relatively well, with some even hitting new all-time highs in recent weeks.
The velocity of rate hikes is declining.
The markets shouldn't be playing technical pinball right now.
The only silver lining in all of this is that we can gather, with a great deal of confidence, is that once a break above the resistance areas that have been plaguing this market for many months takes place, a certain momentum should develop, at least for a time.
Judging that momentum will be key to figuring out what takes place next.
4100-4200 on the SPX remains critical.
12000-12750 on the NDX also remains critical.
Goodnight.
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