Today the S&P staged a reversal off the lower Bollinger Band (2 standard deviations from the 21-day mean) and closed higher. This could be a sign the pullback is ending and a resumption of the uptrend will follow. Tomorrow we will want to pay close attention to a break of today’s high or low for confirmation and clarity around future price movement. A break above today’s high would be bullish, while a break below today’s low may be a sign the correction could deepen.
