Based on market internals, it’s looking like this is going to be a 90% up day. If this does in fact occur, then this will be the first 90% up day since April 12th.
In the way olden days before HFT’s took over the market, a 90% up day after a down trend would be a sure sign of a market bottom, but it’s not so easy anymore. We’re not likely to see much action on Thursday so the most important day after today will be Friday. After that, we need to watch for an IBD follow-through day, which should happen between the 4th and 10th day of the presumed new rally leg.
However, I’m getting way ahead of myself. For all I know, the markets could do a complete reversal between now and the close and as always it’s only the close that matters.