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The rebound overnight so far is strong so maybe a little more?
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Price is respecting the highs of the OR-15 in all 3 majors--but also still holding in the top half of that opening range. IWM stopped exactly at its daily Pivot. SPY danced above it briefly but is now just below. So far, very technical action.
Last edited by Daniel on Wed Feb 26, 2020 10:52 am, edited 1 time in total.
Price is now hovering around the daily VWAP for many of the sectors I track. Traders are trying to figure out what to do. There is no playbook for this type of "crisis investing".
Also, per Schwab there have been NO extreme tick readings so far this morning, neither pos or neg. (None > 600)
Again, a sign of technical rather than emotional trading.
From Liz Ann Sonders before the open (Spokesperson for Schwab)
8.10% (intraday), 4-session drop from all-time high 2nd most severe in history of S&P 500; a near-perfect match with median magnitude (-8.2%) of all 5%+ selloffs (222 of them) in history of S&P 500 going back to 1927
@csm_research
@CarterBWorth
The OR-15 has now become the OR-30 for all 3 majors. IWM is weakest as measured by "level within that range"-- is below the midpoint. It's also below its (downslope) 15min 20ema and its daily VWAP.
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Daniel wrote:The OR-15 has now become the OR-30 for all 3 majors. IWM is weakest as measured by "level within that range"-- is below the midpoint. It's also below its (downslope) 15min 20ema and its daily VWAP.