Market update

What a bounce!

Good day from a day trading perspective but way worse on the position trading side.

Looking at the Dow the line in the sand for this count is 24 454, it that level is taken out on this bounce I will have to re-evaluate the best count. The alternative is shown below.

Volume was ok today but it was lower than on Friday so it does not confirm the rise as coming from new buying but rather short covering. My best guess is that the bounce will end tomorrow and the decline to resume. Whatever happens, we will see tomorrow!

The line in the sand for the S&P 500 is 2695, if that level is breached the most bearish wave count is challenged.

Good luck in the morning!

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