We had enough short covering or buying pressure to not only close the gap and touch the pivot line, but also trade past the pivot and almost touch the 10-day average distance from the 0930 ET open. Then we got profit taking, and traded the market back down to the pivot line.
Be careful not to be suckered in on that first 50% correction after the start of the downtrend correction. This is typically a shorting opportunity in a bear market, and not a long opportunity. The market has caught me on that one more than once.
Charles
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