Fresh 1-month lows came in at 3,188, one of the highest readings in the last four years, and it signals a short-term bounce.
However, after the initial pop, more often than not, the low is retested.
The bottom line is if you wanted to lighten up, it probably pays to wait a few days and then do it.
Secondly, if you are into playing bounces, the fresh one-month lows coupled with the McClellan Oscillator, which is oversold, gives you a good backdrop.
