Stock Indices Rally Off Important Support

The Stock Indices today had an opportunity to trade substantially lower as they moved through important support this morning. However, it appears sellers may have exhausted themselves, as buyers stepped in and produced a good recovery. All of the Indices, after trading through support, have now closed above it. Those levels, as outlined in the Briefing, are extremely important. If the buyers who bought at those levels today do not defend that price on any move lower, the selling could accelerate. If support holds again, we may be in for a continuation of the rally. With that said, there is a lot of information that can come into the market and fuel more selling.

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