By Chris Becker
We saw the definite return of risk on markets last night, with near 2% rises across the board on major stock markets. For trend traders it doesn’t get much more beautiful than this chart of the S&P500 futures below:
If we zoom out to the dailies its another splendifirous and classic chart pattern: the double pin bottom, swing through clearly defined oversold levels and solid up-days (with yesterdays hammer candle profile showing enormous buying support):
So the S&P500 was up nearly 2%, the NASDAQ up 2.4% and the narrow DJ30 up 1.4% for the night.