Well, the U.S. stock market sold off again on Wednesday. That is, until it didn't.
A late rally created a reversal candle on the daily chart and setup what is known as a bullish u-turn pattern.
This pattern often happens when a bounce higher is about to be made. There are no guarantees of course, but it is good to see an oversold market getting a potential reversal setup.
Looking at the chart volume pushed higher than normal the past two trading days, which is good to see when speculating for a bottom.
Other items that could impact action
Thursday morning is the initial jobless claims, followed by home sales and PCE so these things can certainly impact what the market does.
I'm in a wait and see approach given those economic releases, but it was tempting to get long at the end of Wednesday's session.
Posted Using LeoFinance Alpha
