The shorts were trapped this morning in a classic revisiting of over-extension. The market was able to rally all the way back the .618 retracement of the down move. Every down move on the Cumulative TICK was followed by massive Up Volume and increases in Advance/Decline. The close brought us right into the Point of Control (POC) for the last twenty days trading range. This was by no coincidence the 61.8% retracement.
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