The Indexes are moving in a trading range for a long time... since February almost six months. That means when the consolidation is over we will see a strong move UP or DOWN.
SP500 is nearing the lower end of the range and MA200. Its very oversold - look at this chart of NYSE McClellan Oscillator.
So I think the next move will be UP and this bounce will tell us more what to expect. The two scenarios are shown on the chart.
P.S. there is no bottoming sings on the 60 min charts so it can last several days before we see some kind of bottom
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