The market is a feedback loop that rewards and punishes traders for the decisions they make in real time. The entire ecosystem the way it is currently set up is to exploit everybody's desire for short term gains, easy-money. This is a misnomer. If there was such thing as easy money in the market, we would all be rich. If you go into battle with a short-term time-frame, with no macro view or fundamental bias to give you conviction to take a position, you are going to get eaten up by algorithms and spit up by a margin call. To extrapolate anything this chaotic system does in a small period of time into a longer period of time is a mistake. I think that many traders who have been attempting to navigate the endless intra-day whipsaws of the last few months will agree with me on this.
The main point I am trying to make here is open your eyes and minds to the big picture. Don't get caught chasing price: In this market if it's just spiked one way or the other in a stop-run, chances are its about to spike the other way to wipe out everyone. With no direction from the Fed, the algos are in full-control and dominate the arena. The global economy continues to deteriorate rapidly. Behemoths are missing earnings and getting slaughtered. If every corporation misses and gets hit. It is an impossibility for the indices to stay propped up.
It can go up, it can go down, it can flop around sideways: In the short-term nobody knows. There is nothing supporting the Bull case but cheap money which is exactly what created the last two bubbles which both ended disastrously. Keep your eye on the big picture because eventually fundamentals will matter in a major way and when they do, many price-chasers will find themselves roadkill & the market is not so kind as to drag them to the ditch.