Just like the title says, don’t put much stock (pun intended) into this rally today.

Not that it can’t last, but just today alone doesn’t undo the bearishness that has pervaded the market over the last couple of weeks. 

Don’t take my word for it though – just take a look at the 30 minute chart below – all we are seeing here today is another lower-high. if the bulls want to regain control, break this market back above the January 30th highs at 3283. Yup – a good distance away still, but if it can do that, then you might have a resumption of the uptrend but not until then. 

Here’s the SPX chart: