Just 4 points away from breaking out
Indices Bounce Off Support to Close Well
Off the Lows
The indices had a down-day for most of the session, but were
saved in the last 40 minutes by a fairly sharp snapback rally. The indices still
closed down on the day but well off their lows.
The day started with a backing-and-filling session. They tried a rally that did
make new highs but quickly reversed. For the next several hours the market
worked its way steadily lower, severely testing key support at 1574-75 NDX and
the 1189-90 zone on the S&P that was retested later in the afternoon.
When that was successful the market staged a last 40-minute rally and made up a
vast majority of the losses.
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