Markets Recover from Another Big Gap Down

by: ETF Prophet

By Jeff Pietsch

The market recovered from yet another sizable gap down. The resiliency was supported by strongly sloped cumulative tick and advance decline lines, and a falling VIX. Note that volume is just a touch ahead of yesterday's -- which is to say -- on the low side. Perhaps institutional desks are holding out for tomorrow's FOMC statement. On the volume side of life again, a curious misalignment for the day is down volume, which continues to outpace up volume in spite of the recovery.
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Although momentum "feels" stalled here, for now I am assuming another sideways / positively biased trade for the second half. However, with volume as low as it is and with contradictory internals, certainly anything goes.