[isatrader]

S+P is now breaking above the 61.8% retracement level from its drop. In 2000 and 20008 the stock market made it up to the 61.8% retracement level before tanking. Let's see what happens next but to me it looks like the market saw its bottom in March and we are getting a V bottom as horrendous GDP and unemployment #s mean absolutely nothing to the stock market.

Looks that way so far. Theres been a number of short term breadth improvements that I've highlighted and so I've been looking for potential constructive setups for short term trades, as there's been a lot of short term cup and handle patterns forming in individual stock charts. But it's all a process, as my S&P 500 short is still well above its stop loss. So the recent range hasn't broken yet, its just had a few peaks above it. So nothing is clear yet.

It's a big week this week for earnings. Lots of the major companies are reporting, and the fed is talking later today too. So I think we'll get some direction by the weekend.