Though the market’s dominant trend is down, it’s been arguably trendless for the past four months as price-action meanders along.

The longer the chart time frame, the stronger the measure in trend.

As down remains the strongest flow here, we’re eying the 50-day moving average, which the S&P 500 is trading just under, as a key hurdle that must be overcome until we consider any change in trend.

Traders hate sideways action.

But to be be clear, we’ll wait as long as it takes to have further conviction over where to place low-risk trades.