Disclosure: Bellaire Capital Management is long SPY on behalf of its clients
A Stochastic Oscillator suggests the bounce has a bit to run, with the 20 day EMA barely off the bottom.
Going forward, it appears the market could run back up to the broken trend line in the 1350 range. From there, I expect to see failure to break back into the old uptrend and a retest of lower levels with a more serious attempt to break the 200 day moving average on the table.
This information is neither an offer to sell nor a solicitation to buy securities. Forecasts, estimates and opinions stated are my own and the data presented is for educational purposes only. Investments involve risk unless otherwise stated. Past performance is not a guarantee of future results. Be sure to first consult with a qualified tax and/or financial adviser before implementing any strategy discussed.