After Big Gap Down, Markets Have An All Day Recovery

Published 10/20/2017, 01:30 AM
Updated 07/09/2023, 06:31 AM

It had looked bleak for markets at the open yesterday following a big gap down. However, this was just a temporary hit as markets came back right from the open. It's also good news for bulls or long holders. The S&P 500 shows this best.

SPX Daily Chart


The Dow Jones actually went as far as to test former upper channel resistance, now turned support. Volume climbed in accumulation.

INDU Daily Chart


The NASDAQ was less successful in making back lost ground, but as it's in a bit of a no-mans land and there isn't too much to spin it one way or the other.

COMPQ Daily Chart


The one point of interest yesterday was the Russell 2000. It tagged the 20-day MA on a neutral 'spinning top'. However, the MACD trigger 'sell' is still in play.

RUT Daily Chart


For today, look for gains to take markets to new highs or challenge existing highs (Russell 2000)

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