Today’s bottoming tail will probably buy us a couple of days and that may be enough for Congress to do something. No idea, really.
We clearly pierced the support line and closed above it so this can be said to be a successful test of this support area. This would be completely confirmed with a new high sometime in the next week or 10 days. What we do know is that the market can make a new low and often when there’s one then there’s another and another so we’re not out of the woods. We need to see a new high above the most recent swing high 1447.75. That will take several days to achieve and anything can happen between now and then. Today’s bottoming tail suggests a bounce for Friday but it may turn out to be a dead cat bounce unless Congress gets its act together.
I did unload my TNA today. I had planned on selling my UPRO but then we had the big reversal.