I stated that I was not convinced of this rally and I'm still not convinced. However, this doesn't mean that the bears are at an all clear right now. Canceling out yesterday's gains was Step 1. Step 2 is to break down below the 820 support level and today's action has made that probability slightly higher.

The market is up +270 points! Oh my goodness, it's such a big day! No. It's not. +270 points is nothing. The bounce was expected.

Looks like we're in a bear flag or a rising wedge (close-up view). This pattern usually spikes higher and moves laterally toward the top of the flag/wedge and then falls off a cliff quickly. The volume should also be decreasing each day (regardless of whether it's a holiday week or not).