Where is the market headed?  The answer, since the dawn of man, is higher.  Just last week we hit new all time record highs for the S&P500.    Saying higher, when asked where the market is headed, is like saying you got wet when it rained the other day.   It still doesn't explain yesterdays collapse and close near session lows for the market.  The overall trend and direction remains up for the market.  Shorter term the picture has become muddy.  I'll cover both - first the short to medium term picture.