Market exerted a lot of effort this week to get to nowhere, basically flat for the week. It is perverse how the market moves in such ways to have a tendency to converge to unchanged as often as it does. Unchanged is like a magnet for the stock market. Anyway, in the short term, the bulls and bears are almost equal, a few calling a bottom, some calling for more pain. Look for sideways action with an upward bias for a couple weeks, and then we go down again as fundamentals bear down. The clowns at the Fed and Treasury are delaying the inevitable recession and wipeout which leads to renewed false hopes that the worst is over. It is not. But a respite from the bear has been gained via Treasury spewing money at the problem. Fade rallies, buy dips for a couple weeks and then the bear resumes.
What looks to me like a good risk reward is the NQ. Look at the sideways action the past month. Just buy somewhere around here, stop out below the lows, but it could be a good trade none the less. Otherwise, everything else is just chop, maybe do some covered calls or sell some puts to capture some premium through August.