During the increased volatility you can observe a mild selling of Wall street once open, usually this consolidates withing the first 30 - 60 minutes and results in a bounce back - it certainly did yesterday when a very similar trend was there.
The RSI was oversold and the CCI was at a similar level as it was previously when the market came back and then fell...
RSI indicating overbought, CCI not there yet so still room to move higher, has rallied 1100 points from open so may have run out of steam short term, pull back good for 200 - 600 points then take profit.
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ALWAYS put my own...
Basically price /market has rejected everything that occurred on Friday.
I did point out that smart money was balancing their books. They did that beautifully. A long of longs got trapped and accounts blown!
One rule of thumb – too many speeches on the day, obfuscate price action. Add Trump tweets and China-US trade war and it being Friday.
Note how the drop came...
