After falling sharply in the early going the cash S&P500 made a strong comeback to close above the support levels (1185-1199) noted yesterday. The up close (even though it was a downtrending price bar) yesterday has the daily chart now on a technical “buy” signal. Step one to a tradable bottom has been reached. But that is not enough.
Step two: Wait for price pulse theory confirmation. The most immediate way for this to occur is for a move above 1255.09. In the meantime continue to play it safe.
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