Important bottom still intact, here’s why
The markets had a weird session and weird end to the options expiration week
— weird because they opened with a sharp gap up that went right to resistance
on the NDX and on the S&P and then they backed off to retest.
The retest was successful, and they made higher lows on the S&P and
substantially higher on the NDX. They then rallied again to retest the rally
highs, slightly taking them out on the S&P but failing to confirm on the NDX.
For the rest of the afternoon they drifted lower in an orderly fashion but
steadily lower.
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