The S&P 500 has posted two accumulation days this week. That’s right, heavy buying amidst all the panic!
Thursday’s high-volume turn around is characteristic of a bottom (whether that be for the long or short term.)
It may seem crazy to be looking for a potential bottom amidst all the chaos, but that’s exactly what markets are known to do.
As intermediate-term Growth Stock buyers we’ll look for a Follow Through Day (FTD) beginning Wednesday next week.
FTD’s occur when one or more of the major indexes rallies more than 1.2% on volume greater than the previous day’s.
No FTD means the Bear Market is alive and well. It’s all about wait and see…