We got a nice bounce today thanks to China's soft landing. (But I also think the action after the VF corp/timberland acquisition told the big-boys the market is very undervalued here.)
I think the Market Thought post 'obvious' is in play, but the above information gave a very nice catalyst for the bounce. Although we had nice action, technically, we are in rough waters. The SP500 passed the first round of resistance with the 5sma, but it push downward after hitting the 150SMA intra-day.