As much of a kick as it is to see the market get swamped by selling for a few days, it is only natural (particularly given the corrupted construct of this market) that there be some strong buying at some point, such as, oh, right now. Indeed, as I am thumbing through some of the younger charts out there (those that have been public only a year or two and, in recent weeks, have been particularly ravaged), they are the ones hammering out what look like solid short-term bottoms.
All the same, as I look through the index charts, the kinds of levels the indexes are approaching making all the sense in the world with respect to where gaps should be closed or resistance should be met. Even in the context of an overall market swoon, the market action today is abundantly acceptable.
