The markets were down hard today, but reversed in the last hour and rallied harder into the close. Volume stepped up and confirmed the move as well; 100 million more shares of SPY traded today than yesterday. The VIX, TRIN, TRIN/Q, TICK, and TICK/Q all gave strong confirmation of a reversal here. On the daily chart of SPY, we have a thrusting hammer on strong volume after a down leg. I am looking for a small bounce here. If we get a lower swing high, then the bear trend will be strengthened.