Solid Close

Markets closed above the crash day highs today, and although volume was lighter, the recovery of the entire selloff in 4 days is no small feat. The intraday action is inconclusive at this point. We could continue higher into next week or retest the January highs again before moving higher. I don't think we have completed the advance off of the low just yet, but there isn't really enough information to draw a firm conclusion. More likely we will see a short term top early next week. In any case, this is not a time to be shorting in my opinion, but a time to wait patiently for new long setups and the eventual confirmation of the resumption of the uptrend.