On a very short timeframe we are currently holding the temporary exhaustion warned about below at 15363-31 with a 15364 low and have bounced $22.4. The decent trade above 15493 warns of higher trade and suggests this may have been a more minor correction. We have seen $9.5 of this so far. The near maintained gap higher also left a short-term bullish reversal below. Decent trade back below 15476-73 will negate this and reestablish the bear calls. Decent trade above 15641 will project this upward $27.5 (+) but can withstand $7 of violation and remain valid. NOTE: This is just a small portion of the market analysis I put out in the AM to my clients.