The sell off was effectively stopped right at support and the bearish count has been eliminated. Most indicators pointed to lower prices at the end of last week but I guess there are plenty of buyers at the 50 DMA. We could see another bearish wave to test the 2045-2050 area again but it might just get to 2053 and head back up. So far this has been a time correction given the limited downside since the 2011 top almost 4 weeks ago. I will go long on the retrace and place stops at support.
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Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bullish