S&P 500

The bottom is likely in, and we’re seeing a rebound. There might be one more test of the lows on lower volumes.

Currently, put options are being closed out. As a result, market makers are covering shorts, which allows the market to rebound.

There’s also a rumor about an unscheduled Fed meeting and a potential rate hike with added market liquidity. Whether this happens or not is irrelevant—just the rumor alone has led to a corresponding market reaction.