The reversal rally today was the biggest since November 13, 2008. The measure used is a rally back to positive values after being down 4% or more. Most of the time when the market is down that much it doesn't rally back in a strong way.
It did that today and it was strange to see there was more selling volume in the Nasdaq futures on such a big reversal rally. My initial thoughts were that we would see a follow through rally. Now I am inclined to think we will see a sell off and today's rally was not a legitimate reversal point. Price is the ultimate indicator so we shall