A Crucial Piece for the Bounce Starting Point

The FED’s relentless action to try and stop the current meltdown will eventually work for a while.  The Bounce to 1435 on the S&P is still in focus.  The market action at the lows yesterday was on low volume, no market cleanout, a good prelude to bounce follow-through.  With few buyers having a cheap position at the lows, they will have to chase the market, especially as we move through the 1335 area towards the 1435 zone in the S&P.