This Bounce

This bounce is similar to the one that followed the crash of October 1997. They both recovered quite quickly; the market was back on its feet in no time. However, in '97 as in most breakdowns, there was a retest to the downside. I have no reason to believe there will not be one here. The market today is already showing some weakness and little conviction to the upside. NYSE volume is the lowest it's been since the crash last Tuesday. The jobs report wasn't good enough to push the indices through the technicals, and traders are still skiddish and may be reducing long exposure prior to another volatile weekend. Assuming the market has the strength to continue upward, I posit the market will not breech the following levels without a retest.

Dow: 12,400
S&P 500: 1,420
Nasdaq: 2,430