As stated end of last week, we were looking for a low going into this week and expiration, and the smart money was not selling the action. Alot of people were screaming to go short, but they would have run into a lot of trouble today, and the smart money was not selling. Infact they were doing quite the opposite as you can see what was happening on the charts.
The S&P seems to be trading in a rectangle also, so technically we got a nice bounce off the basing of this pattern.
Again while others were out there screaming to go short, we remain calm and read the sentiment that buying or some sort of a bounce was coming, and that is exactly what we got. :-)
Stay tuned for more.
Happy trading. :-)
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