The fear returned this morning and the bulls were again breathing a sigh of relief after another test of the Sunday night low. The question to consider is whether today’s intraday reversal can be counted as a market bottom? The fundamental picture hasn’t changed much, but we could be looking at some temporary relief as the market probes the bottom of the recent trading range. However there is still formidable overhead resistance and the bears are likely looking to re-load on strength, especially after today’s intraday 19 point bounce.
