It appears that the support from the lows set on August 25, have held. SPY, the S&P 500 tracking ETF, tested it on Tuesday, but lower prices were rejected. For now. Short-term rally is on. I still think that, at the very least, we are either in the middle of a correction, or possibly the beginning of a bear market, time will tell. For now both the regular indicators and the market breadth indicators are pointing to more corrective action, rather then a V-Shaped recovery.
Chart of SPY
Chart of SPX with market breadth
Chart of TLT
Chart of dollar index
Chart of gold
Chart of GDX
Chart of $NATGAS
Chart of $WTIC.
Best Regards and have another great trading week!
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Alexander Berger (www.MasterChartsTrading.com)