This is why you don't short in such an over-sold market. Everything LOOKED ultra-bearish until this happened. The market has had about all the selling it can handle. As I've mentioned before, my target of $270 is still intact and possibly higher after that. I'm long since $204 and waiting for a good-sized pullback to sell.
Near-term resistance is outlined as the orange line and support is the red bar below.
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