I have always despised the trading in August because it was very erratic and scalping normally was the best strategy - since I am not good at scalping, thus August was normally a tough month for me. So when we dove yesterday into the close, I fully expected the market to bounce because reversing posture in the last few days of August, from long to short or vice versa, has never been profitable - till yesterday! The market dove into the close and the chart below shows why. A channel is shown on the char with the well defined peaks above and point below - the S&P moved right through the support and below the trendeline setting up what looks like a date with those two previous points of support. IN early trade this morning, the SPUs went below those supports and have since bounced above. We'll see what today brings.
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