The US equities markets were getting wrecked today following a sell off last week. However, buyers stepped in the last hour of trading and rallied the market, regaining 50 points in the S&P 500 come the closing bell.
Time for a bounce???
The selling has been rather strong the past couple weeks, which in the end was well needed after the run the market had.
With today's price of the S&P opening below the most recent low things do look bearish in terms of price action.
A bounce always comes at some point and one may have begun with today's late rally. If we do see a rebound the levels I'm eyeing are around 3,320 (which would just be a modest bounce) and then 3,400 or so to test that last little top we saw.
Either way, should be interesting and a near term relief rally this week would be logical given the recent selloff of late.
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Sold my 225 calls for a big loss when they ended up make a pretty penny. This market is frustrating to say the least.
I am glad to only be watching this circus from the sidelines!
No matter how I turn this, or what angle I view it from, I can't shake the feeling that the equities markets have grown completely disconnected from reality. We're sitting here making new all-time highs in the middle of what seems like a huge economic debacle. I understand the February-March nosedive, but not so much what we have seen since. Doesn't mean it's not interesting to watch, but I don't have the nerve to have any skin in the current game.
So, I guess we can call me "Sideline Cat!"
=^..^=
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60% of the businesses in the country closed permanently this year! I don't see that sort of devastation reflected at all in the markets. Stimulus payments and the $600 a week unemployment bonuses gave the economy a lifeline but those are all spent and gone, Out side of a few select industries earnings are going to continue to suffer quarter after quarter. It will be very surprising to me if we don't see a significant correction on the markets to reflect the new economic condition.
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Agreed and today's drop played right into it. Nice little descending channel for the S&P 500, long overdue as the rally this summer got way overblown.