The market appears very complex at times.  There are long term and short term trends.   A long term trend will move in a given direction for a long period of time.  

However, within those long term trends, there are short term trends that are always changing direction.  For a while, they will be trending up, and then they consolidate or move down.  Then, they resume their up trend and the cycle repeats.  As long as higher/lows and higher/highs are being maintained during the process, an up trend will remain in tack.   The opposite applies to a down trend.

Today, let's look only at the longer term trend side of the equation. 

Below is a chart showing our zero based Relative Strength index for the New York Stock Exchange Index.    On January 21st, the C-RSI broke its support line to the downside.  The market then dropped to a short term oversold level and then had a short term bounce up yesterday.   At the close yesterday, the C-RSI remained in negative territory and below its red resistance line relative to long term conditions.   The market has some work to do in order to repair the recent damage.

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