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Could Eclipse have marked lows of the 20-week cycle?

Today's rally goes along way towards thinking the Eclipse marked the lows of the 20-week cycle and now we could rally potentially a bit more than 2-3 days.   Most of the negatives on an intermediate-term basis are still very much in place.. with regards to HIGH number of 52-week lows..  and Less than Half of all stocks above their 50-day ma..  Some of this does look to be short covering, but we're definitely seeing some above average Call buying in some of the Financials stocks, and Technology, Healthcare and Materials being up more than 1% is a real positive-  Technically i'm still inclined to view this move as a short-term bounce/stabilizastion after the recent decline, so the shape, breadth and momentum of this bounce will have to be scrutinzed carefully heading into late August/ into September.  Momentum drop on things like SPX, BWORLD index..and Wilshire hit the lowest levels of the year in the last week.   For now, volume remains subdued and breadth is down a bit from earliers 4/1 pace and now just 2.5/1  but still an important move after a couple days of churning and given the moves in Healthcare (XBI breaking out today) and TECH..  it does look like a bit more can happen near-term.  Stops utilzed at today's lows for S&P and certainly yesterday's lows..  but the bullish stance taken coming into today on short term does look to follow-through a bit.. with S&P up to 2452-3 after breakout above 2440..  But still a LOT of overhead supply that will have to be dealt with in the days ahead