The S&P 500 just missed falling into correction territory ( near 1813) but has since rallied up from near that level. Apparently the "buy the dip" sentiment has not yet given up the ghost.
I am closely watching the resistance zone noted on this hourly chart. If the bulls can take it back through that level they have a chance at having put in a short term bottom. Even so, the big spike back up is giving them a sigh of relief at this point ( although I must admit that the session is not yet ended as I am typing these comments).
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