We’re officially on the watch for a potential bottom for the broader market.
Come Wednesday we’ll look for signs of institutional buying via high volume, or what we call a Follow Through Day, where an up day occurs on volume greater than the day before.
We expected some kind of rally as the S&P 500 hit its 200-day moving average.
Though we are not expecting to see a sustained rally. We’ll shift into a bullish bias if the volume shows up.
What’s more likely to happen is that the 200-day moving average be taken out on the downside. Markets always find a way to shake out holder, and such an event would do it.
See you soon,