I’m not sure this latest rally is a good thing for the market in the longer term as there was no retest of the August 16th lows. That doesn’t mean there has to be however historically the odds have favored a retest to clear out the weak minded investors and allow for a new leg up to develop. When the S&P 500 rallied strongly from late March through mid July it formed a small Double Bottom pattern with the 2nd low lower than the 1st. Currently what has developed is a "V" bottom pattern as there was no retest of the August 16th low. If the S&[...]
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[Source: The Money Blogs]
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