As I mentioned yesterday, I wouldn't be surprised to see a rebound soon given the massive continuous selling. And a rebound did we see during the afternoon session, especially during the last hour of trading. All 3 major indices closed above the key level that I talked about in earlier post. See below intrday chart of Mini S&P 500 Index (ESU7) futures. (I'm using this as a gauge as I'm not able to see intraday volume of the actual indices) Note the buying volume before end of trading day.
We have been seeing heavy selling pressure recently before the close and its refreshing to see a change. Institution action comes in during the last hour of trading and momentum typically carries through to the start of the next session. Let's see how far this short term rebound can bring us to.