although several key technical factors suggest the bulls hold the edge for a short-term corrective rally bounce, the current short-term overbought situation together with the fact that the S&P 500 index is now facing strong resistance levels does not call for an immediate break to the upside. What this means is that the 1100 zone is too big and too important to fall quickly. The market will need to churn for awhile before the bulls regain the needed strength for another attack on that level.
盡管幾個關鍵技術指標均顯示多頭掌握着一輪短期修復性反彈行情的主動權，當前的短期超買局面與標普500指數逼近關鍵阻力的事實意味着大盤難以立即向上突破。在多頭再次發起攻擊之前，市場需要盤整一段時間才能積蓄足夠的能量。
Wednesday’s massive upside reversal suggested strongly that last week’s pivot low near the 1040 level in the S&P 500 index may have been the bottom. Money Flow measure is also indicating a weak bullish signal. This suggested that over the next couple of days, traders should expect at least a retest of major resistance near the 1100 level.
周三的暴漲強烈意味着標普500指數上周低點1040點附近可能是一個底部，資金流向指標也發出微弱的看漲信號，這意味着未來幾天交易者至少可以期待標普重新測試1100點附近的重大阻力。
although the near-term trend had turned sideways as the S&P consolidates within a narrow trading band between the 1040 and 1165 levels, pressure still remains to the downside and the short-term floor at 1040 is wearing thin. This increases the probability that the index could follow a so-called trend channel lower, heading toward the important sentiment 1000 level.
