Stock Indices Selloff But Rebound Into The Close

The strategy I outlined in last night’s Briefing played out nicely. Once a bottom was found today, the Indices rallied into the close with the SPY giving a huge divergence in price and the QQQ and IWM testing the May 12 low before bouncing. Important for tomorrow will be today’s low. Upside resistance is the high from yesterday. The market simply did not give good information today on the next possible move, although volume is still very concerning on both the up and down moves.

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