Look for stocks that hold their 50 dma for example. When stocks fall intraday and breach their 50 dma, it usually bounces back to it or above it. Unless its a very strong and precipitous drop due to some bad news, this is a viable intra day trading strategy. As always, nothing is fool proof. This has worked for me in the past.
Then explain to me AT&T. I bought that POS in Feb of last year as part of a dividend portfolio. The thing has not bounced back, it is still negative PnL per share. How does it's chart look today? Craptastic.
Take a look at todays action in SNAP and SONO. You think its coincidence that they closed right at the 50 dma … are you serious? Please tell me you are kidding. This also applies to the 200 dma..