The first 20 minutes of trading today experienced some intense downside pressure. The decliners versus advancers were over 10:1 for the firt 15 minutes peaking at 15:1. Down volume was just as bad. But the 200 DMA again brought in a slew of buyers and by 11:20 A.M., both up volume ratio and advancers briefly went into positive territory as well as the market.
So to say the least it was a panic open and a reaction bounce.
Primary count has the market in wave [e] of Minor 4 and it may well have bottomed today at SPX 1282. We had a minimum target range of 1286-1287.
Additionally the Wilshire hit is long term uptrend line.