The market resolves to the upside with a strong opening at the 200 day moving average, and no looking back, and that, for now, removes the recent Bear Market Warning.
Price moves upwards through 2789 triggering an S/T BUY signal and strength continues into the close in a powerful short covering rally.
The T volume oscillator rises sharply and confirms the prescence of a new T structure centered at the recent low. The oscillator high on 21 September indicates that this structure is likely to be relatively small, and/or that there are further waves down ahead.
Of course, the market is now susceptible to a reaction downwards and may need to re-test the rising lines from the low at some point, as it did in February and March after similar impact lows.
The market is not yet out of the woods, but strength above 2820 would be seen as very positive.
Be prepared for whatever is coming next, and trade with confidence:
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Disclaimer: This is the diary of a personal trading system, its methodology and the signals that it is producing. You are welcome to follow along but please understand that the information presented here is for educational purposes only. No recommendations are being made to buy, or sell stocks, options or futures contracts. Please consult your own financial advisor before making any investment decisions.