A pile of leaves, in the form of a massive two week stock market rally, has concealed a road with many cracks.  Cracks that may continue to widen.  Are we out of the woods yet?  Or is this market setting up for a nasty fall?

Yesterday the stock market continued its strong showing, posting a modest gain at the closing bell.  The overnight session, however, has seen those gains evaporate and turn into losses.

We are nearing key support levels, the first being the 2,000 S&P500 futures figure that held on Friday.  Next up is the resistance that was capping the recovery from the August crash.

Monday Morning Market Video

After siding with the bulls the better part of the last 5 years, the recent weakness in August, the worsening economic data, and the terrible price action had me switch my bias back to being bearish.  Trading through some of the bigger market corrections, namely 2008 and 2009, you know the counter rallies can be impressive, and sometimes down right mind boggling.  This has been one of those rallies.

An absolutely great read this morning come from Frank Zorilla.   FOMO.  The fear of mission out.  No doubt the recent price action, the constant dip buying, the spikes to the upside, are telling you what the longer term charts weren't telling you a few weeks ago.

Now the question will be.... is this rally going to continue?  Or is it one of the relief variety?