Market Bottom or False Bottom?
There was a bit of a scramble on the release of the Fed minutes as panic buyers jumped into the market. It's my opinion, with the exception of the Russell 2000, markets hadn't sold off enough to leave a strong bottom, but today's lows will set up a point of defense for any subsequent selling. Large reactions like today typically come back over subsequent days, but there is plenty of room for wary bulls to take a bite if there is a walk back to the lows. The S&P gain counted as a bullish engulfing pattern. Tomorrow it will run into the 50-day MA, and potentially the 20-day MA too. It may even get to 1,987, which had looked so unlikely after yesterday.