Market going up? Down?

There are certainly many opinions out there, after this week's activity.

I need to do more analysis, to form a more intelligent opinion, but here's what I see right now (just my view, could be wrong).

I'm going to direct my comments at RUT (Russell 2000) this time instead of SPX.

In short, for me, the trend is down, both daily and hourly.

Daily RUT has mixed signals, indicating a possible bounce up. However, this is just a contratrend bounce. For me, the daily trend is down, until Resistance breaks higher. Also, there is a lower low (daily) and in process of making a lower high also (might have made it today).

The 60min RUT looks like it made a mini double top on Thursday. It declined close to the Double Top downside target and bounced up. This is normal and expected. Like the daily chart, the 60min shows a downtrend, with a contra-rally up. There are some mixed signals, both bearish and bullish.

Then why did I only daytrade the RUT (short) via TZA? Why did I abandon my swing position today (for very small profit/breakeven)?  I'll add some details here later.

* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".