OK -- We had a nice rebound in the market today. Here's a 5-minute chart of today's action. The market started rallying about 11 AM. It sold-off a bit at the end, but that's to be expected after a strong rally like today's.
But let's not get ahead of ourselves. Here's a 7-day 10-minute chart. It shows that today's action was a nice upswing, but we have a lot of ground to make-up.
And here's the daily chart. We had decent volume, but the last two days we had a ton of selling, so today's action should be placed in that perspective. The index did rebound off its 200 day SMA which is a good sign. But today's action can be attributed as much to a technical bounce as anything. We need to see how the week plays out before we start popping the champaign corks.