Markets opened bearishly today (Monday, July 16), but the Dow futures contract (/YM) -- a proxy here for the overall market -- has put in a bottoming tail candle within the last hour. Moreover, the bounce is occurring from a moderately-defined price channel.
The chart of May 30 to the present (hourly candles) appears below:
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| /YM, May 30 to present, hourly candles |
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