I'm gonna go out on another limb and say that we're probably heading lower in the market(s). It kind of all depends on where this week finishes up.
Below is why I think that. We're looking at a 3 year weekly chart. So each bar represents 1 week of price action (This is ticker SPY...Which is 1/10 of the S&P 500 Index). Where I placed the white circles (going from left to right) is where we previously had 2 instances of support...then it broke support...and now we're on the bottom side of the red-line so it SHOULD act as resistance, forcing price lower.
Below is why I think that. We're looking at a 3 year weekly chart. So each bar represents 1 week of price action (This is ticker SPY...Which is 1/10 of the S&P 500 Index). Where I placed the white circles (going from left to right) is where we previously had 2 instances of support...then it broke support...and now we're on the bottom side of the red-line so it SHOULD act as resistance, forcing price lower.
Just a thought......I could be wrong because I often am.