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What do you think the sharp rebound before the close?JFR wrote:SPY daily PnF. The move down got the PnF headed south
Sorry for the delayed answer.Cobra wrote:What do you think the sharp rebound before the close?JFR wrote:SPY daily PnF. The move down got the PnF headed south
JFR wrote:Sorry for the delayed answer.Cobra wrote:What do you think the sharp rebound before the close?JFR wrote:SPY daily PnF. The move down got the PnF headed south
It seems like the normal buying behavior we expect from the bulls. They buy the dips. They buy every opportunity. I think the odds are against them this time though. On the chart the bears look very serious.
It looks like the market is getting some support from the August low, and the EMA 100 (That is the first it has hit the EMA 100 since November, not shown). The low of mid-July is very close now. It should find support there.
It is hard to imagine that another V-bottom as with June, July and August could happen again. There is huge volume at the bottoms. Maybe it will be more like the double bottom of May.
But there is so much money out there, looking for a home. Ha ha. Even if the market went down to the lows of June or May, the bulls would not have given up yet, in my opinion. The action just looks more serious this time.