Checking in with the various TrendX charts reveals the kind of ambivalence the markets displayed today. These intraday sine curve price patterns are loved by daytraders and trading robots...for longer term investors its more like watching paint dry.
To try and gain some insight into which direction the break is likely to take its often helpful to stand back and look at the longer term TrendX display which, in this case, looks like its flattening.
This argument is supported by yesterday's look at the convergence of the SPY/SSO price volatility... a trend which continued today.
For now CASH looks like the place to be.
On the SPY/SSO/XIV Trader chart below we see the type of perfect alignment of the three issues based on beta values that confirmed that the markets were in a sustained downtrend for the day