This positive divergence could help the market
The indices opened strong this morning in a follow-through to yesterday’s
strong rally, but that didn’t last long. The indices then backed and filled for
most of the morning and into the lunch hour in what looked like a bullish
consolidation before another leg-up attempt.
But when that attempt was weak right at the lunch hour and failed, the indices
then rolled over, took out the lows, and then plunged in the afternoon session,
particularly late in the day. A very sharp snapback rally brought them back just
before the close only to back off again into the close.
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