Stock Indices Bounce Off Short-term Support

The Stock Indices opened today below short-term support. However, there was no immediate follow-through and the gap was retraced. The balance of the day was spent in rotating around that support level, until late in the afternoon when a news event occurred and prompted buying to come in. While the price move was nice, the rally was not supported by the internals. It will be important if today’s rally is retraced and we close below support. If not, we are headed higher to test upside resistance.

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