Pending Crash or Capitulation?

Severe declines of magnitude in overnight futures were notably mitigated by the time cash markets opened.

The rapid and manic back & forth chops were apparent effects of smaller degree triangles working their way through resolution.

The Dow was by far, the stand-out performer of the session.

At the close, the markets reversed sharply higher, ending the day with respectable gains following a topsy-turvy (capitulation?) session.

Though we are not yet out of the woods, the potential for a near-term capitulation-low has increased substantially with today's action.

After experiencing the typical end-of-month "correction" anomalies noted in recent reports, August appears to have gotten off to a good start thus far.