We have a close above today's Point of Control. Overnight trading will tell us how strong of a support price it is.
The small caps, transportation and financials looked better in today's last hour of trading than yesterday's last hour of trading. All were above the midday pivot high.
That bearish dip after 1530 ET didn't work today. It was a fake break to the downside with some traders hoping for a repeat of yesterday's rapid downfall. However, today there was too much underlying strength. The market instead finished to the upside.
Charles
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