OK, I’m just kidding — but that opening dip did get bought fairly quickly and we have recouped half of the a.m. losses. From an internals perspective, the V-recovery was confirmed with precision. Note the confirmed turn in the AD, VIX and Cumulative Tick lines at 8:30 a.m. on my charts.
While it looks bullish just here, the daily highs down-trend channel remains intact and this is day three of prospective lower highs and lows. For the p.m. trade, I’ll be looking to see whether or not that inclining 5-DMA can act as support now that we are back above it (cyan dashed line).
