You can say it was for whatever reason: earnings beats, positive consumer confidence reports, etc.. But it is simply too hard to ignore these technicals when we are dominated by computers and high frequency trading. I hate to admit it but it seems to be true time and time again.
So here is the gameplan- it’s simple really. Look for a follow through to the previous highs 3 weeks ago and consider it a bullish w bottom being formed and buy on any weakness after. If we break to the downside instead, forming lower highs and lower lows, the market will display a rollover pattern- and sell into it on any strength.