My opinion its another bear trap. People are dying for a sell off and are primarily short now. Thus, the mkt is going up simply because it can. I for one think it is bs, but it sure dont feel great. I am sure someone or two are buying the squeeze and will be bragging in a matter or minutes.
This is a whipsaw because market sold off on nothing news so now people need to cover or get there positions back. It makes sense but very risky trade. I would be shocked to see s&p close above this area
This has happened before right at 2pm EST, when the euro stock markets have just closed. EuroSToxx & DAX trading ends at 2pm EST. I'm wondering if it's a play between the US mkts and tommorows euro open? If these price levels hold there is bound to be a gap up in the EuroStoxx & DAX.