Quick afternoon update.
The past three days have been very bullish and are now testing the upper limit of the downtrend channel. When the market hits a point like this, I like to take a look at the Point and Figure chart:
If the market can trade above the 1170 area, then I would start to look for a stronger market rebound.
However, I am concerned about the current three day rise, as volume still looks low. Seems most traders are watching and not participating in this rally – leading me to believe this may be a short term event.