Taking baby steps would be the first order of business for bulls looking for a major bottom here.
As you can see on the 15-minute SPY chart below, Friday morning’s correction lows could easily have been tested earlier in this session. However, after a morning move lower today, the bulls managed a New York lunch hour rally out of that falling wedge (purple lines).
This is a minor step, not a major one. But a step nonetheless. Holding over $138.25 is the next hurdle.
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