Bounce

After a 3% loss intraday, indices came back to close down 'only' 1% or less. Small caps were outperforming other major indices once more and even managed to close green. So far we're seeing a big bounce of today's lows after the S&P-index lost almost 10% since the top in September. A short-term bottom is in, so it seems.

Today was much different than the previous three days. From last Friday through yesterday, markets would try to go higher in the morning, only to sell off to new lows in the afternoon. Today was exactly the opposite with big selling in the morning and a huge bounce in the afternoon. This is bullish action, at least for the next few days. Next the 30-min chart from the last 5 days as an example: