The direction of the market whether upwards, sideways, or downwards.

The market is normally described as either trending or ranging, but you can also say a ranging market is in a sideways trend. When the market’s highs and lows are sideways, it is ranging. When the market is making new peaks and bottoms, it is in an uptrend. On the otherhand, when the market is making lower peaks and bottoms, it is in a downtrend.