Everyone go to your calendars and remove last Friday from it. That 280 point drop was cancelled by Wednesday’s 286 point rally. And so we have been saying here at Marketgauge-long term bull trend intact, short term bearish until further notice. You've been served. Oh yes-and stay tuned since tomorrow Ben Bernanke speaks at 10:00 AM.

S&P 500 (SPY) Let's see what happens at 132.50. Then, the 50 DMA becomes a more realistic target. We got an accumulation day in volume, but not over the daily average.

Russell 2000 (IWM) No accumulation day in volume here. But, a return over the 200 DMA could make up for it.

Dow (DIA) Like IWM, over the 200 DMA. Like to see all indexes absorb the move and consolidate. Would make the market safer for longer term investors

Everyone go to your calendars and remove last Friday from it. That 280 point drop was cancelled by today's 286 point rally. And so we have been saying here at Marketgauge-long term bull trend intact, short term bearish until further notice. You've been served. Oh yes-and stay tuned since tomorrow Ben Bernanke speaks at 10:00 AM.

S&P 500 (SPY) Let's see what happens at 132.50. Then, the 50 DMA becomes a more realistic target. We got an accumulation day in volume, but not over the daily average.

Russell 2000 (IWM) No accumulation day in volume here. But, a return over the 200 DMA could make up for it.

Dow (DIA) Like IWM, over the 200 DMA. Like to see all indexes absorb the move and consolidate. Would make the market safer for longer term investors

NASDAQ 100 (QQQ) Second day of accumulation in volume and clearly the one we watched this week since had a better phase than the others. 63.15 next target area.

ETFs:

GLD Was long coming into today, but the late dump got me out. Does not mean the move is over necessarily, but we prefer to see how it behaves next couple of days around the 50 DMA

XLF (Financials) Cool. But to really impress, want to see it return over the 200 weekly moving average

IBB (Biotechnology) Today's low was Friday high and off she went back to unconfirmed bullish phase

SMH (Semiconductors) A weekly close over 31.90 would be solid

IYT (Transportation) How often have I written about following a range break after an inside day?

IYR (Real Estate) 50 DMA overhead at 62.15

USO (US Oil Fund) Looking now at the fast moving average overhead

XLE (Energy) Back above the monthly moving average if stays here.