Lot of green up candles, it sure looks like the bounce. I think in order for McClellan's oscillator to strengthen back above the 0 line, we need a big up day finishing near the high. An up volume ratio ending about 6.5:1. It can be a tad higher, but if an up day ended above 10:1, its is a real concern for the bearish case.
They are debating Bernanke on the Senate floor today and then a cloture vote is supposed to happen. Need 60 votes to end debate and move the vote to a floor vote. I expect he passes cloture and wins renomination.
Prediction for cloture: 65. So today is Bernanke rally day? Or tomorrow? Or will they sell the news? Isn't the market fun?