Another wild and woolly morning, but this morning's action is why it has been frustrating for anyone who follows this closely. Premarket early morning was showing sharp losses and every 15 minutes those futures were bid up... and up... and up... and up until at the open almost the entire loss disappeared. Now the key difference is when that happened in May 2009, September 2009 or April 2010 the market would go onto roar the rest of the day. Today we still had the selloff but if you entered the day expecting the typical selloff following a poor day - and close at the low - you simply grind your teeth between 6 AM and 9:30 AM.
Anyhow, the S&P 500 has bounced off the 200 day moving average as expected and is probing the lows of Friday of 'flash crash' week. We still do not have conditions in place for what seems like 'the bottom' because of this morning's action. A -2 to -3% sell off at the open flushing people, causing emotion, causing exasperation would seem far more normal, but our premarket hijinks continued.
For now, the S&P 500 has done the cursory bounce off support and sits right at that Friday's closing print of 1110. Volatility is still wicked. If that was the real bottom it sure would seem atypical.