The action in the market today was driven mostly by the technical’s. That is, the end of day reversal was upon the channel support discussed over the past two days in the market videos.
On the hourly chart of the S&P 500 E-Mini’s we discussed the channel (green lines), and today that channel offered support towards the end of the day. Today’s rally into the close appears to be simply a technical bounce and nothing more.
I will cover this in much greater detail in the weekend video.
(click chart image for larger view)
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