Note that nosotros made day-over-day lows inwards the ES futures (top chart), reversing overnight strength, solely to bounce dorsum into yesterday's range. Several factors suggested that these lows mightiness reverse:
1) At the fourth dimension of the S&P 500 Index lows, novel lows were non posted past times either the NASDAQ or Russell Indexes;
2) Other gamble assets (gold, oil) were experiencing strength;
3) Weakness was non widespread; for near of the day, advancing issues on the 24-hour interval trailed decliners past times less than 500 issues.
It's a overnice event of the importance of context inwards determining whether breakout moves are probable to transcend away on or reverse.
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