Zeev, most of what I was watching yesterday suggested more down after a test of this level. However, volume on the COMP today is on pace for 1.76 Billion shares. The last time we tagged this level it was 20% fewer shares.
The advance off the lows yesterday shows an impulsive nature, while the decline off last week's highs appears corrective.
While there are certain sentiment factors such as the VIX and VXO that argue against any sustained advance here, the strength of the volume off the reversal yesterday is a sign we shouldn't be too bearish here near term.
I guess the only thing that could kill up here would be a tag of NDX 1416 or so followed by a reversal with volume near 2-Billion shares. Otherwise, we may need to consider things are looking a bit better here near term.
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