The stock market indices suffered a setback today as early strong movement to key overhead resistance failed and they sold off for the rest of the session in stair-step fashion.
With yesterday being only the first day of a bounce in the U.S. markets, Deron Wagner prefers to wait at least a day or two to see if a bullish momentum develops off the lows.
The stock market indices had a snapback rally. After reaching new pullback lows and testing key support, they bounced back in the morning, consolidated mid-day, and then extended the rally in the afternoon.
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