At first glance, the overnight market looks like a positive bounce off yesterday's lows. However, it is still just a 50% correction of yesterday afternoon's bear impluse wave. Also, the market is still at the bottom of yesterday's Value Area and below the TPO.
The one positive is that the market is currently above the 2002 low. A close above yesterday's high would be a major positive. The market has to trade through the Value Area first, however.
The Cumulative $TICK is still in free fall mode.
And the market is still putting more weight in staple stocks over discretionary stocks.
There are no economic reports today.
Charles
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