The S+P is back up to test the key resistance (former support) level of 2550-2600. The falling 50 MA is now at 2639, so this is the general range to watch.
Though it's possible, I wouldn't expect it to blast through this resistance quickly. I figure it will back off and try a few times, then back and fill within the zone, and then with luck, proceed higher. Just guessing though, since plenty of problems are still lurking out there that could send us back down again.
Personally I wouldn't be short right now, but would wait for confirmation that we are actually in a bear market - that signal would be a failure to hold the recent lows. If so, then the operative strategy (by 'the rules') would be to sell/short the rallies, but right now it's still too early to say that the bear is here to stay.
