ChapmanWave

Good action yesterday is seeing more sectors start to participate to the upside.

Here is the missing Dow chart from this morning- excellent close today.

Thus far the take-off since Fridays doji candle low is acting quite well, but there needs to be a strong candle follow through close today or Friday. Again, no chart- will try to fix.

The yo-yo effect remains the pattern as we watch to see whether this particular post upspike sell-off can garner strength later. Chart not downloading today.

Looking at dozens of stocks over the past weeek it suggests that some form of oversold rally should be unfolding this week.

That was ugly. But now there are very oversold signs that could try to make Dow 30000 support again.

Wednesday's action was very good, last night's was terrible as it gave the gains. That makes some rebound today quite important.

Today is a key Fed Speak session as yesterday was just rumor day. The real test of residual strength- or remaining weakness- gets test today.

With the Fed Speak later today will there be at least a relief rally? There very well could be an attempt.

We are now looking at a potential test of the Dow's left side low in the h-pattern.