Classic valuation model at 6% yield, measured from the 2002 bottom, implies "fair value" at around 1030 for this year. Those who trade long term yield based models will not buy until they see a discount of 10% (927), 20% (824). They are the final forces that defend stock prices before they go completely worthless.
Sorry for not remembering, but what was your prediction form yesterday? That once we went through the lows yesterday that we hit a short term bottom?
60min chart is not showing much conviction to the upside. Should trade sideways to slighty lower. Possible inside day.
my humble prediction yesterday was that we crash and break the lows. However, that did not happen yesterday, and the selling towards the close yesterday to me was weak. There is no climax flushout yet, IMO. We need that to happen, before the sharp rally ensues. Hence, I still think we CRASH today, BREAKING THE LOWS, and putting quite possibly "THE" bottom. Cheers.
updated view at the bottom of ATR's trades should only be entered on the long side and vice versa at the top of ATR's.