This will be a make it or break it day for the bulls. If we can see some follow through on their part then we will see a perfect bounce off of support. If the bears end up taking over we will only see a dead cat bounce happen. The market is back to being oversold and has corrected ~2.5%. This should shake the fear of moving higher from everyones mind so we will see if the bulsl can step up. I am still looking for long positions in this market as we are still in an up trend (above the 50 day moving average). A break below the 50 day moving average will get me defensive and shorting this market.
{denvideo http://www.youtube.com/watch?v=STq_CVjNNqM}
