Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
First thing this morning I mentioned that a key first step for a short term reversal would be a close over the previous day’s high at the end of the day. With 15 minutes to go this is now a real possibility for the S&P 500 – yesterday’s high was 1360.62 and the current price is 1360.22. That said, even if it does not happen there was a nice bounce off the 61.8% retracement level – literally to the point (!) and a reversal intraday. Let’s see if bulls can follow through during Turkey Week to deliver that long sought oversold bounce. Have a good one.
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