The 10 day chart shows an impressive rally that has returned prices to their level 10 days ago. Note there are several possible trend lines for this mini-rally.
Ignore the last bar on the chart.
Prices have moved through the 10 and 20 day SMA in three days and the 10 day SMA is starting to move into positive territory, but we're a long way off from a big turnaround. Prices have increased about 11% in the last three days. that's an impressive rally. My guess is there are several reasons.
1.) A standard short-covering rally.
2.) The market has been technically oversold for weeks, yet has continued to move lowed. Oversold readings usually lead to strong counter-rallies.
3.) Citi's announcement that it is showing a profit implied we might be seeing the beginning of the end of problems in the financial sector. Citi has long been called a "dead-bank walking", so this announcement was particularly important for the rally
