Bulls begin to stir once again as we wind down today's session.
The S&P 500 just missed falling into correction territory ( near 1813) but has since rallied up from near that level. Apparently the "buy the dip" sentiment has not yet given up the ghost.
I am closely watching the resistance zone noted on this hourly chart. If the bulls can take it back through that level they have a chance at having put in a short term bottom. Even so, the big spike back up is giving them a sigh of relief at this point ( although I must admit that the session is not yet ended as I am typing these comments).
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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