Setups For Market Bounce
Ryan Mallory | Jul 29, 2015 12:44AM ET
It is about freakin' time bulls!
First day of the sell-off: light volume - no worries
Second day of the sell-off: light volume, Apple (NASDAQ:AAPL) jitters, some buying at the end of day there - no worries.
Third day of the sell-off: Well this is interesting... but still light volume, market has a hard time, in this range dropping more than 3 days in a row
Fourth day of the sell-off: "Uhhhhhhh......."
Fifth day of the sell-off: @#$*@$ %@#
So finally today, the market is bouncing in typical dip-buying form. But this morning, it was still in question, as the bears were still trying to drive this market lower.
I'm no permabull, but I did expect the market to break the highs when it previously tested it. But it didn't and when the sell-off came online, the sell-off wasn't overly worrisome until those last two days. Now that we are at the bottom end of the range, lets see whether it creates another extended bounce back towards the highs again or whether the range breaks to the downside.
Whether this bounce is sustainable remains to be seen, for now, feast yourself on these bullish setups.
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