We saw the S&P reverse yesterday by almost 3% in one day! Not only was this a key day reversal/a bullish engulfing candle but the fact that we are seeing this market charting that kind of reversal from such a key zone on the chart is we think critical.
We have the 200-week ma, the 55-week ma and long-term Fibonacci retracement all coming in around the 35000 level...