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Some pretty volatile & classic action. After the early test that held above the the prior March lows the indices dove thru those levels & then reversed. That has some on financial stations saying reversal double bottom. Always a possibility, but this is exact pattern from 2006 after the initial decline. It undercut, reversed intraday & closed positive; it shold sharply the next 3 sessions where it finally set the bottom for the 1st leg. It could be the 1st bottom as volume is very strong but have to see how it plays out. A/D -1.5:1 NYSE, -1.6:1 NASD. Resting after that surge back up that took the indices back to the session highs for the 3rd time. NASD -0.01%, SP600 -0.6%, SOX -0.35%, SP600 -0.02%. Watching to see if the sellers come in during last hour. If they don't that gives some comfort the reversal is decent, especially if volume climbs further, but this is still a correciton of a large run higher & such a quick, short bottom would be atypical.
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