Still think you are in bull market?

Well you first have to ask what is your time frame. However if we are looking at the major market, closing below the 200 day moving average is generally considered a bear market. If we get below the 500 day moving average that would be a depressive market. All markets have waves within waves. A few days ago we had the “kiss goodbye” which was a intermediate term swing upward in the larger down market. Day traders only want volatility since they go flat at the end of every day. Intraday movements are generally not significant so focus on the close. Intraday movements generate a candle pattern that will give you hints about the current market. Today the S&P gapped down on open….. again….. which is generally a very bearish sign. Today also closed right on a Fibonacci retracement point.*IF* the market is going to turn it generally does so on one of these points. But only time will tell. What does this all mean? First, we are definitely not in a bull market. I might have been willing to say we were consolidating because there have been some doji’’s and reversals. This indicates market indecision. However today we closed lower than we have been since March and below the consolidation area. There have been some other bearish candle patterns in the mix.