Combined US Indexes bounce!
Updated
Just noted that the combined equity index chart showed an interesting bullish setup.
The downtrend has been a little stronger than (probably) warranted, and now a sign is showing a probably bounce off a support level. Support broke and the next day rebounded to recover. This formed the bullish Piercing Line Pattern and it reclaimed the support that was broken only the previous day. Technical indicators are showing bullish divergence in alignment as well (green arrows).
Looks like time for a rebound. What happens next depends on how robust this bounce is, and if it forms a higher low, or just reverses to breakdown further again.
Heads up!
The downtrend has been a little stronger than (probably) warranted, and now a sign is showing a probably bounce off a support level. Support broke and the next day rebounded to recover. This formed the bullish Piercing Line Pattern and it reclaimed the support that was broken only the previous day. Technical indicators are showing bullish divergence in alignment as well (green arrows).
Looks like time for a rebound. What happens next depends on how robust this bounce is, and if it forms a higher low, or just reverses to breakdown further again.
Heads up!
Note
Bounced! As expected...
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