Obviously this market was wickedly oversold, with six weeks in a row down and the previous week being especially painful on the long side. Those who follow such things say the market has only been down seven weeks in a row, three times in 40 years. So it's certainly not something one would place odds on.
I'm looking at two levels to the upside, S&P 1295 and S&P 1303. The former was the April low that we busted through - and served as resistance last Thursday. The latter is obviously the 100 day moving average. We didn't quite bounce exactly off the 200 day moving average yesterday but darn close.
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Since those sort of support levels (i.e. 200 day) are so strong one would be apt to take their short chips off the table on a day like yesterday or Friday, and then put them back on after a bounce. Or alternatively a close below the 200 day moving average.
Sniffing around individual equities, it appears there is a lot of dead cat bouncing as the hardest hit names (the "momo" boys) are enjoying the biggest bounces.
For the near term the bulls should have the ball - we'll see what they can do with it.