After the squeezed all the short out after the FED Meeting they had to cover at the open.
Once that move was completed. The money managers went into longer term mode. They started rotating o9ut of Big Cap Tech which is vulnerable to higher rates.
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So we got the intraday bounce as expected when the market hit yesterday' break out point.
Here's what worries me going forward because I'v see this before.
1) Market was suppose to go down yesterday. Instead the market Packaged FED Speak as Super Bullish squeezing all the shorts.