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What a crazy day. The S&P gapped up, then flat lined from about 10 am to 2pm, then started rolling over. Between 2pm and 3pm the S&P gave back 14 handles. It almost filled the opening and gave everything back, but as you can see, it held its 200 day moving average on the 10 minute chart (yellow line). It the started a rally up of 10 handles at 3pm and took it higher into the close.. Crazy action. That 1630 level was very solid support and that’s exactly where it bounced.
So after rallying as much as 191 points, the Dow finished up 109.67 points, or 0.7%, at 15,179.85,
Fed week is like the Cannes Film Festival for traders. The action starts tomorrow but the actual Fed decision on rates and other such matters is on Wednesday.
See you in the morning. We had two stocks trigger today: EVC & SREV
See you in the morning.