Have the Bears Given Up Too Soon?

Back in January (it seems a long time ago now), when stocks were falling out of bed, the popular consensus was that IF a low was playing out, there would be a test of the low -- probably subsequent to a back test of the overhead 50-or-20-day moving average on the benchmark S&P 500(INDEXSP:.INX). However, the preponderance of pundits' calls were for lower lows before any good low.

The Square of 9 did a good job of identifying February 3-4 as a turning point on the S&P 500. To recap, early February was 90 degrees square the 1850 peak, and the range of the decline squared out on February 3-4. I did not expect a vertical snapback.