Any bearish opinion must be based on recent ECRI data which says we are going into a recession. Although we have lots of negativity out there right now the market has rallied up to and beyond many major average charts of its recent range bound territory. Even though volume has been extremely supportive of an actual bottom being put into place three weeks ago there have been periods in the past that have looked very much like actual bottoms that have failed. I have seen some arguments that this period of time is much like 1998. That bottom took 13 months to form!
It would be extremely unusual for the market to find a true long term bottom as quickly as six to seven months after it formed its top. Chances are we are just bouncing off the bottom of the channel.
And there have been periods of time in the past that the market attempted to bottom with volume looking strong enough to actually be the real deal. Looking back again at 2001 you will see that volume meant nothing until October of 2002:
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