I am so proud of George for drawing in this channel. It's a good one.
Just a reminder as stocks bounce today that anything up to about 6580 doesn't change much. Oversold stuff bounces, the really surprising thing for me was the afternoon selloff yesterday.
George Pearkes
This is a busy chart but by a couple of different measures the market reached a short-term extreme Friday...bottom of price channel, 14d RSI hit 30, close was 3+ std-dev below the 50-day. All that suggests a bounce here by virtue of sentiment/positioning extreme *regardless* of news flow.
