Today, the market was heading lower as it has done for the balance of the week. Then, at 13:00, everything started to move up. I checked the news sources and could find nothing that explained it. I emailed a friend and got this answer:
Technician would say, buyers appeared at the previous low below 8000. Successful test. Didn't fall apart so they bought it.
I guess I should watch the DOW (or ETF DIA). I've just watched SPY and QQQQ. It didn't occur to me that the entire market could move off resistance to a DOW level. And look at how sweet it is that it hit RSI 30 at the low. Just perfect for an oversold rally to start.
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