The talking heads were in a tizzy and the Wall Street pros had their panties in a knot after another unsuccessful attempt by the bears to crack support. Wednesday’s opening dip got progressively worse within 30 minutes of trading with a bottom coming about an hour into the session. The bulls stepped-in at support to buy the dip which aggravated the shorts who have been calling for a selloff all month.
There are only 6 days left in October so anything can happen but the major indexes look poised to hold their gains for the month. If the rest of the week is bullish there could be more all-time highs into Halloween but first things first as we go over Wednesday’s action. (continued…)
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