We stayed above the down trend line today. The mid day pullback tested the 18 SMA, but it held and the market rallied into the close. How about a peak at the 60 min. chart.
The purple line is the 50 SMA. You can see that today was the first day we closed above that since early May. It would appear a bounce is underway. There could be quite a few people still short here. If we keep rallying, a sharp move up at some point is likely as they cover. The resistances I mentioned in yesterday's update are still in play.
Bob
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