The day started oversold but with a slew of bad news from Europe. A late story that China was interested in buying Italian bonds brought in buyers and saved our recent up channel and support zone. Perhaps too many traders were looking for a test of the low? Have the market priced in a “98% Greece Default” headline risk? Now many have targets set above 117 SPY. The3 time we have hit the support band of 113-115 SPY in recent weeks, the market had producedlong tailed closes with further rally to come. Mid-week rallies has been a bull specialty recently, let’s see what the bulls can do. A special congratulation to Mrkt_Rwnd for his excellent call on “Bullish ++” bias today and this morning’s gap fill move prediction from this weekend’s ETF Rewind Pro.
