Hello-this is my first post. Don't want to sound inexperienced (but I am) but I hear talks about the S&P being above 700 is a "good sign". Did it matter if it closed at 699. Is this a sign of a quick bounce back?
Printable View
Welcome Ryan! I'd say it's a temporary good sign. We could bounce off 700, but 741, the old November low that was support, should probably act as resistance on the way up.
If you are in the market, use a rally near 740 to sell, in my opinion. If you are looking to get short - same deal.
If this does turn out to be THE bottom, we will miss it, but then we'll just start to look for pullbacks to buy into.
Good luck!