This bounce is of the weak type (almost "miserable")
The S&P500 has difficulties to clear the 5MA and we can see that even though the volume on SPY is higher than usual, the QQQ and AAPL volume are of the average range. This is not good for a "bounce from the lows."
We can see that the shorts covering move in materials is all but dead.
If the 20DMF was not slightly positive, I would say that this market is a "short".
Anyway, I am back to only a 20% long position.
Pascal
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