When the market is down as intensely as this one has been over the last day and half, you have to expect some sort of oversold pop. In this case, we also have the tendency for very strong Monday mornings to consider. The two combined could trigger a classic-looking snapback.
I know many will be looking to remount shorts probably later on Monday. Many do not think that the downtrend is over. The sharp pop that we are currently seeing is exactly the sort of relief rally you expect within a downtrend. Give it a little more room, especially in view of the positive bias on Mondays, but don't start celebrating the resumption of the uptrend quite yet......
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