Sometimes it seems like you take one step forward and sent two steps back. We have been experiencing website problems since last Friday that we have traced back to our host, so we are migrating to a new host over the next 24 hours. Frustration does not even begin to describe the experience. We are adding so many new features to the site, from charting to the new trading room, that we need to upgrade our host and capacity. This is my only brief window to communicate.
Had I been able to publish over the weekend, I would bottom line my view as the selling was overdone with the put/call ratio over 1.1 at Friday’s close. And the price was coming into the right shoulder tip of the Head and Shoulders Reversal pattern, also a test of the lows earlier this year and the primary trendline from the March 2020 covid lows. At the very least, I expected a bounce. Also as discussed recently, the market could establish the bottom of a trading range from 4200.
And it appears that we got the bounce on very good volume. So the price action was encouraging, though the market is not out of the woods quite yet.
As soon as capable, I will publish the rest of the data – hopefully later tonight.
A.F. Thornton