I mentioned in my last blog that the market could choose between two different directions, either down right  now, or bottom in the next couple of days, move up for a while and then resume its downtrend. Wednesday's trading COULD have given us the answer as to which scenario the market would choose. It'll take a couple of days to know for sure.  

The bears were devoured as the market broke through 820 to the upside and began taking the stops out. There's been a lot of that going on in the last few months. That's the main reason we need to see the next couple of days, just to make sure it's not a "fakeout breakout".

So watch the next couple of days. Some of the data I look at suggests the market will break right back down in after just 2 or 3 trading days. Some other data suggests this advance may start right here.

I've favored one last advance to the upside all along. If this is it, it's sure been a difficult advance to have faith in. But I suppose that's what this entire market is short on these days....faith.