No direction in this market.
It would be fair to say that the market has shown no direction this week.
The Bears will call this a sign that the market cannot move higher and will fall from here. The Bulls call this consolidation, the market is creating a base from which it will start a further gains.
The general feel is that the market is heading above 5000 points by December, 5200 is still fair value for the market.
Whether this level is reached or not does not really matter when you can go out into the market right now and buy the big blue chip stock paying massive dividends. Given that these dividends are maintainable, the long term forecast is for the market to move higher.
The smart money will stop focusing on the short term fluctuations and buy the long positions.
The volatility will stay with the market for now but in my view the bottom is in and long forgotten.