Been out most of the afternoon so missed a bit of action and also conversation here.
There are some quirky things I have been noticing about Dilernia's dynamic bands as I calculate them (from SYCOM open to day close).
The 3870ish level of the lower band today still has umpteen other indications saying it is now probably serious support.
I notice that the close at 3949 was exactly on the mid level, a common occurence (noncommital).
The new mid level now is 3957 and of course SYCOM jumped up immediately to get above that figure. The bounce was 38.2 of the down move and the minimum you would expect.
It didn't last too long and the levels for tonight/tomorrow are 3884/3957/4021.
That lower level is higher than today's 3870 but so many other measures say it still counts!
It many ways today's action was atypical. I am not sure you would typify last night's action as a sharp down move but as a general rule, when the US has a first sharp day down in an uptrend we tend to open lower but then rally all day to get back most of the loss. Perhaps because we did not preempt the move yesterday the rule failed.
Yep, we did finish with a bit of a SPI premium, but not extreme so not sure we can overread it.
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