Chart-wise, the Nasdaq got back above its 200 MA today, and also above the Dec high (barring a late day selloff). This would send a good TA signal for the Nasdaq, which has been the most beaten down of all the main indices during the bear market.
The S+P 500 is already well above its 200 MA, but is nearing a test of its Dec high. Once it closes above the Dec high, this will be significant because even if it subsequently sells off and drops back below the Dec high (which is likely in the weeks ahead), the S+P 500 will have re-established a pattern of higher lows and higher highs (Dec low higher than Oct low, and Jan high higher than Dec high), ie - an uptrend (albeit tentative) This would support the idea that the bottom may be in (Oct), and a new uptrend has begun. Still early though.
Another favorable TA signal coming soon for the S+P 500 will be a 'Golden Cross', which should occur next week. This is a lagging indicator, but would be a plus for the bullish side. The DJIA already had its Golden Cross in Dec, but the Nasdaq's is still numerous months away.
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