Well, it was just one day, right? That’s about all we have to hang our hat on these days. But it is what it is.
So if you click the link, you will see the 60-minute bars on the SP500 and what Michael Ashbaugh is talking about.
Reason du jour? A bevy of data brought buyers back into the stock market today. Their support spurred the broad market to its best single-session percentage gain in almost two months.
Yes, that does include a flurry of economic data.
So, between a bevy and a flurry, and we get a big, one-day rally.
It is options expiration week. It is the seventh week, after six weeks of down.
It also seems that within a few points, the market retested the March lows. So that could be the trading range we’re in.
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I’m still in my SPY trade and can see the break even point just a few dimes away.