Turn-Around Wednesday for Stock Market
It was definitely turn-around Wednesday for the stock market today.
The indices gapped at the opening after being down the prior evening, and turned around dramatically. When the Nasdaq 100 actually made a lower-low on a pullback early on in the session, the S&P 500 (NYSEARCA:SPY) refused to get anywhere near that. That triggered a very strong, morning rally that ran into late morning and consolidated. They formed positive wedges that were breaking out just before midday, and then ran into early afternoon. In the afternoon, they consolidated in bullish flags, and then took off again, the Nasdaq 100 making higher highs, and the S&P 500 failed to do so. They had a little bit of a late pullback heading into the close, but it was a very big day for Wall Street.