Yesterdays price action illustrated, once again, that support matters. The $SPY support I highlighted pre-market of $211.24 held almost to a penny yesterday as the action hit $211.21 before reversing sharply.
from my morning outlook post
Look where the selling action ended yesterday:
Yesterdays morning outlook:
The VIX spike is getting sold yet again. This portends a continuation of yesterdays reversal.
Banks are rallying pre-market on earnings with shares of $JPM up 1.5% and closing in on a new all time record high.
Earnings season is picking up next week. The market has bounced off support.... but will it hold?
Historically we are heading into the thick of October selling season.
But 2016 has been a year born from a different mold. And I think that's just another reason why this October will end on a bullish note.