Quite the reversal today in the market – – we were down hard early on, but as I’m typing this, the ES and NQ have both gone green ,and the ES has pushed above the level I mentioned this morning. One particularly stock that had an interesting twist this morning is Magna International (symbol MGA) which has an island reversal pattern.
Here you can see how prices stopped cold on Friday when it hit all that overhead supply.
The most compelling view is when you take a big step back and see just how much room there is between present price levels and major support.