Rate Cut Rumors Fuel Afternoon SnapbackBy Harry Boxer, The Technical Trader (www.thetechtrader.com) It was an extremely volatile day, down in the morning, bounced around mid-day, and then rallied sharply in the afternoon.The day started out with a gap lower. They had an immediate snapbackrally that failed, and then they rolled over sharply, testing Monday’slate afternoon lows on the Nasdaq 100 and the session lows on theS&P 500. A sharp bounce ensued, a rollover occurred in earlyafternoon that retested the lows and created a double bottom.[...]
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[Source: The Money Blogs]
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