Kind of like what we saw at the end of October 2014, where the market attempted to bounce off of the lows of the day, it had a nice bounce but gave up most of the gains by the end of the day. We are seeing similar action today, as SPX continues to loose its footing as the day progresses. However what remains to be seen is whether like October 2014 and September 2015, whether it can jump start the rally the following day, as tomorrow has yet to be written. I’m still very confident we see a bounce at these levels here, and today’s price action shows me that the bears clearly have not been forced out of their short positions just yet.
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