Good day! Despite a slight increase in volume mid-week, it dropped off again on Friday as the indices reacted to the latest daily support level. The market had broken lower out of a rising wedge by Wednesday, but several days of strong downside left the indices exhausted and in favor of a reprieve from the selling pressure. This can come in two forms following a sharper-than-average selloff: a period of congestion or a gradual retracement in price. Typically the result is a combination of both to a degree, but on Friday it was primarily accomplished through a period of congestion intraday. Continue reading …