Incredible day if you watched the market today.
At one point the Dow was down almost a 1000, Nasdaq over 500 and SP over 160.
It was a horrible day till about midday.
Then the market made an incredible comeback with over 100 million more shares traded. That’s double the normal daily volume.
So what happened?
The strong support at the 200 day moving average was broke big time today but the SP stormed back and closed above that support on heavy volume.
Two possibilities I see.
I’m wrong, and the Fed blinked and came in as the market backstop again to save the market.
Or some big boys on Wall Street heard some early news on what the Fed will announce on Wednesday.
Will they delay rate increases which spurred the market higher?
We’ll find out Wednesday.
— Joe Lange, Telegram