This is an important low, here’s why
Monster Rally
A monster session today! The market was very volatile in the
morning, gapping down at the open, and falling back to a near double-bottom off
last week’s lows on the S&P. But when the NDX was more than 10 points off
retesting the same low, a positive divergence resulted, and markets then moved
back up and retested key intraday resistance, popped through them after the
lunch hour and headed north with a vengeance that was unabated until the close.
The indices closed at the highs for the day going away, up a whopping 128.80 on
the Dow, 182 points off the session lows. The S&P 500 was up 17.61 today but
more than 25 points off the earlier lows. The Nasdaq 100 also exploded 43 points
off the low, up 31.18 on the day. The SOX Index, which was down as much as 14
early in the session on the Intel (INTC) earning’s news, ended up a dime on the
day, a huge reversal, taking back all the steep early losses.
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