That's a Wrap

The market staged a nice bounce today, but I would not exactly call it impressive. Breadth and volume were only moderate, and the SPX was not able to close above yesterday's highs. So I don't think it is the resumption of the recent uptrend.

The stochastics have moved back down into short-term oversold territory, but they have not been joined by the oscillators yet. I like to wait for more of these indicators to line-up before getting bullish for a trade.

I would not be surprised to see the market continue higher for another day or two, but beyond that I think there is more work to be done before this consolidation is over.