Selling pressure has declined over the past 3 trading days and this is definitely the condition that is required for a bounce in the market. For it to actually happen, we need to see more than a decline in selling pressure - we need buying power in the form of new capital. This morning, the futures and a lot of experts are giving a bunch of reasons why investors should jump back in and provide that new capital - are you going to do that? If a bunch of other people tell you to jump into a freezing lake, does that make you want to do it? If you see them actually jumping into the lake, does that make you want to follow? And to the extent that short sellers are willing to help fuel a rally by covering their bets, does that entice you to declare an “all clear?” For all those investors that love to tell everyone that they are long term buy and holders, is this the great dip to buy into and average down? Has this 5-percentish decline really made so many stocks fundamentally cheap bargains? I don’t believe any of these are credible reasons for calling a return to the long term bullish move, but it really doesn’t matter what I think or for that matter, what anyone else thinks. The market doesn’t “think” - it only matters to me what the market does. I’ll take whatever it gives me and since I am near 50/50 with UP and DOWN signals, I have no problem going either way. However, if there is a bounce, I doubt it will repair the damage that has been done and when it is over, I fear that this bounce will contribute to a much larger decline that I believe began the first week of April. If you are a short term trader, this is a great opportunity to trade. But let’s not confuse this with a great entry point for a long term investing thesis.