The S&P finished with a higher close and a return to the 'buy' trigger in On-Balance-Volume. Today's spike low moved into the prior consolidation, but there appeared to be enough buyers willing to step in to defend this range.
The Nasdaq didn't post a higher close, but it did defend the lows.
While January spike lows are a clear marker for a reversal, today's action was the confirmation to suggest January's lows are also a swing low.
You've now read my opinion, next read Douglas' and Jani's.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. I also trade on eToro and can be copied for free.
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