The SPYS consolidated a bit at the opening, but then traded down for the rest of the day. The good news is the selling was controlled -- each move down was met with a move up. The bad news is there was considerable selling at the end of the day on high volume spikes, indicating traders were very nervous about holding anything overnight.
Save for the lack of consolidation at the opening of trading, the QQQQs action mirrored the SPYs.
The IWMs had the sharpest selling of the day. But like the SPYs and QQQQs, they traded down for most of the day.
And the consolidation continues for all the averages.
The QQQQs have a downward sloping trend in place, although its also possible to call this a consolidation of sorts.
We're still caught between the bulls and bears. I find it interesting the Bernanke's promise of more rate cuts didn't give the market a bigger lift. That might mean that traders now think the rate cuts aren't working and that further cuts won't either.
