“Stick Save” At The Round Number:
Did the two doji candles recently on 9/1 and 9/4 do enough “damage” with a quick 400 handle decline? Of course, no one knows the answer to that question as we will only know in hindsight. Wednesday’s bullish hammer candle at the 15000 number ended a 5 session losing streak, with all 5 days CLOSING in the lower half of the WEEKLY range. Perhaps investors were looking to get in early a day before Yom Kippur tonight, with the “sell Rosh Hashana, buy Yom Kippur” strategy (hat tip Krinsky). Volume was elevated during the recent 5 day losing streak, and today the volume was soft relatively speaking. That is ok as investors will most likely catch on if this rally into seasonality occurs, and it will show up in volume. Round numbers put a halt to the VIX again at the 20 figure, which has been an irritant for months. A large component in the Nasdaq in AMZN bounced off the 2400 number Wednesday, and MSFT burst above the 300 number to hit an all-time CLOSING high. Not bearish.