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A solid gain continued the development of swing lows in the various indices. Today's gains effectively confirmed the support levels for these lows. The Nasdaq had the best of the action with the swing low forming above 4800 breakout support.  The index is about to close the  breakdown gap from Tuesday, but first it has to contend with the 20-day MA. Shorts may view this is as an opportunity, although technicals point to mild weakness.

What was on offer for bulls yesterday, was delivered today with the 'bear trap' in the Russell 2000. The bounce also occurred off the 50-day MA; an additional confirmation for a swing low. This is good news for bulls looking for a continuation of the broader rally, as it marks cyclical strength.

Yesterday's selling continued into today, but there was limited follow through downside in the indices. Selling volume in the S&P was down on yesterday, although there was no clear price support.