We’re not really seeing anything that tells us this recent rally from lows is in trouble.

Though we’ve seen some modest distribution, it’s yet to push our bias to negative.

But playing off the lows of the market can be tricky. The S&P 500 is just finding resistance at its 50-day moving average.

Re-tests of lows also remain looming possibilities.

Best thing to do is sit tight and wait for the market to give us more clues…