The 200 day moving average on the S&P 500 held.
It appears Bulls retreated from most support levels in order to make a powerful stand at the 200 day moving average line.
What a battle it was.
The yellow line marks the 200 day moving average. Notice the CMF shows a massive surge in buying started at 12:30PM and continued right into the close with the CMF breaking positive. I think Bears got blindsided by the massive stand at the 200 day moving average as Bulls seemed absent at higher levels.
In my short biotech play LABD, I got stopped out for a lost. That’s how I know Bears were blindsided because I got blindsided. That’s why we always set stop-loss levels folks: to live to fight another day.
In hindsight, it seems like common-sense that a massive Bull ambush would happen at the 200 day moving average.