Let's not dismiss the August crash. It was a great trading opportunity for the downside and subsequent rally. But all things considered 2015 was a year of digestion. Consolidation. A coming to grips..... and this is really what the action looked like.
Tuesday Perspective
It was boomerang Monday. Today looks like turnaround Tuesday. But will the pre-market gains hold?
Yesterday the market was on its heels. Selling pressure took hold sending prices sharply lower. But by late afternoon all was forgotten. The $VXX, a broken instrument on a long term scale - remains a reliable intra-day indicator of where the market is headed. The 1PM beatdown of the $VXX set the table for a strong close. That action continued overnight and into this morning. The stock market is set to open for trade sharply higher than what it closed at yesterday.
A pull back yesterday looked to set a move back to support:
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