The playbook calls for a vigorous attempt to get back over that support line — and then fail. So its no surprise that futures are up strong today.
We know that forecasting is folly, and the shorter the time line, the more random the market action is. However, if I were a gambling man, the bet I would make is for a rally right back to that break line, followed by a move lower.
Of course, this technical stuff — support and resistance lines — is just voodoo to some of you. But its how many Wall Street traders manage their risk profile and adjust to what is otherwise random noise. YMMV.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.