Have we hit a bottom? Today’s price action sure seems like it. We opened the day at -140:1 breadth and closed at 1:1 grinding higher all day. The market is heavily extended to the downside and has held support at the 2010 lows. When we see a daily hammer candle pattern (on the SPX) as large we’ve seen today, it is common for us to gap higher the following day. If this does occur, we will be looking to add to long positions and enter new positions at a pullback to tomorrow’s gap fill of 1073 on the ES.
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