The S&P 500 Makes Big Late Day Rally to Put in a Reversal Candle

The US equities markets were getting wrecked today following a sell off last week. However, buyers stepped in the last hour of trading and rallied the market, regaining 50 points in the S&P 500 come the closing bell.

Time for a bounce???

The selling has been rather strong the past couple weeks, which in the end was well needed after the run the market had.

With today's price of the S&P opening below the most recent low things do look bearish in terms of price action.

A bounce always comes at some point and one may have begun with today's late rally. If we do see a rebound the levels I'm eyeing are around 3,320 (which would just be a modest bounce) and then 3,400 or so to test that last little top we saw.

Either way, should be interesting and a near term relief rally this week would be logical given the recent selloff of late.

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