What Happened Today?

Well, NOTHING! :)

Today's "rally" is merely a textbook pullup after a drastic drop. Almost all big drops are followed by a small pullup, like it did today, before the drop resumes the next day. So how does one tell if it is merely a technical pullup and not a reversal? The simplest way to tell is to see if the candlestick today make a lower high, lower low and a lower close. All the better if the high and close does not cross the halfway point of the big down candle. The Dow didn't really make a lower low today but it fullfilled the other criterias. This is going to be a negative week marked by decomposing economic data.