SP500 Continues Consolidation

After yesterday's surge there was little follow-through today.  It is hard to say if today was just a pause before more upside or whether another leg down is next.  In any case a look at the weekly chart of the SP500 shows fairly convincingly that the current action is just part of a large consolidation similar to what occurred last year but without the drama of a flash crash.  Even if lower prices are seen there are multiple levels of support including the rising 50 week ma.  Notice that the bear market seen in 2008 did not really take hold until there was a breakdown followed by a retest of the falling 50 week ma.  We are a long way from a bear market, but maybe still a few weeks or months from a strong uptrend as well.