From the chart above you can see yesterday was a bad close. It went along with the market, where it opened strong, making a new 52-week high, and then faded to close near the low of the day for a loss.
However, today was a nice recovery. It tested the turn perfectly, then bounced and proceeded to close at the high of the day on just above average volume. A very opposite move from yesterday. It didn’t reclaim that high but closed higher than the day before which is bullish.
If I had more confidence in the overall market, today would have been a great day to add at the turn retest. I’m not too anxious to add risk at the moment. I think this is still a bear market and we are just experiencing a short-term bounce before heading lower again.
