The market closed above today's Point of Control, but just below yesterday's. Still qualifies as a bottoming pattern.
Maybe once or twice a day we may see a divergence with the NYSE Advance - Decline Line. Just after 1430 ET and a test of yesterday's Point of Control, the futures faded back a few points. However, the Adv - Decl Line corrected to a lesser extend showing underlying strength in the cash market. Around 1530 ET, we got a pop to the upside.
The 1 minute chart shows the fade from resistance, and then the pop to the upside in late afternoon trading.
Charles
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