Has the market just defined the lower end of a trading range? The S&P bounces off 3000-ish for the second time this month after three weeks of retrenchment in which the median stock pulled back some 14%.
Here is the index in June. You see the sharp rebounds each time it got to and slightly through 3000. On the negative side, the post-crash highs are sitting on a so-called island formation separated by watery gaps, sometimes an important trend reversal pattern.
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