What was up on Tuesday mostly came down on Wednesday, and what was down on Tuesday bounced back up on Wednesday. This was not too surprising when you consider the size of the moves in many markets on Tuesday. The moves today didn’t do much to change the technical picture. I had mentioned in the post yesterday in the profile section that the gold drop looked like it could see some short term upside, and very short term momentum has reversed back up, but now within the context of a new downtrend. The stocks indexes now have the bull in the box in the upper left corner, but it is a baby bull for now. I would expect some stumbling and some back for forth movement for a while. Putting the bull in the box may turn out to be premature, but both the S&P and Nasdaq have entered new uptrend by my definition of a trend. This could certainly change and the bear could wind up back in the box. The dollar is still in a downtrend, but there have been some positive divergences, so it looks like there will be some basing and sideways movement. If so, at least the down-trend might be coming to a close.