Zone of Support Holds

Click on the chart at the left to enlarge.

After closing at yesterday's lows, today, the market pushed down into the zone of support where it hit the ascending trendline passing through the July and November lows. Additionally, the low of the day fell to less than 13% above the 200 day simple period moving average. This level above the 200 day SMA has been an area where bulls have came in all Fall. Scroll through my previous blogs to see a great chart on this.

The stochastics and the MACD remain bearish, but today's candle is bullish. We are still in a non-trending market. The weekly chart is bullish.

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