Bullish Riposte Delivered
This was the perfect day for bulls. Early selling had squeezed any weak holders out of their positions and sucked shorts in, only for the late recovery to have forced newly minted shorts to cover and encouraged new buyers to come in at lows. What's needed next are solid white candlesticks on Friday to confirm a swing low. The S&P remained below converged 20-day and 50-day MAs, but a good day tomorrow should easily regain these moving averages as support. Technicals haven't all turned negative, but slow stochastics are hanging on.