us markets retreated from the high of the big surge on their tuesday but with the dow finding support at the important 200 dma while spx fell through it, the picture is mixed. Some point to the absence of a big capitulation day down so far to suggest that the bottom is not yet in, others point to the the time and price situation to suggest both aspects allow for a bottom about now. Me, I think its a bear market rally... the distance from ma oscillator suggests that the market is cooling despite recent price highs and the longer term ma's are flattening out a bit with the 50 dma and the 200dma both recently turning down... market tops can take a long time to form..
thinking twice thursday
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