Turnaround Tuesday – Markets Pop Back Just Because

Related imageNo, nothing happened.  

Still, we're up 0.6% pre-market across the board and we're just waiting to see if the Russell can get back over it's Strong Bounce Line at 1,532 to confirm the bullish action of the rest of the indexes.  As I mentioned in yesterday morning's PSW Report, we were playing for the bounces off "Dow (/YM) 25,300, S&P (/ES) 2,800, Nasdaq (/NQ) 7,300 and Russell (/RTY) 1,500" and in our Live Member Chat Room, at 9:51, I put up the following note to our Members:

Good morning!

Big Chart not bad, only the RUT failed the 200 dma (and the 50) so we need to see 1,523 come back and the rest is just normal bouncing which would be:

Dow 26,000 to 25,400 is 600 points so 120-point bounces to 25,520 (weak) and 25,640 (strong)

  • S&P 2,860 to 2,790 is 70 points so 14-point bounces to 2,804 and 2,818

  • Nas 7,525 to 7,300 is 225 so 45-point bounces to 7,345 and 7,370 

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