Numbers-wise, nothing has been resolved here. Bulls no doubt see this as building a base. Bears see it as consolidating near the lows. The previously mentioned target of ES 2445.50 is still in play and the evidence supports the target with seven closes below 2631. On the other hand, there is also evidence of a move to either 2697.25 or 2704.75 or both. In order to go higher, they probably need to close it a couple of times above one or the other or both. The only thing that will negate that 24445.5 lower target is a move above 2807.25. In these situations it is always wise to give the benefit of the doubt to the bullish case because, no matter what anybody says, the great majority of the money that moves the market is from long-only funds.....period. There is no such thing as minority bulls......except in polls and traders on the margin. Right now the traders on the margin do not seem to be on the same side as the fund managers. SPX turned green signal-wise on March 15th and has been green for 13 of the last 15 days, including the last three days. The HIGH on March 15th was 2674.78 with a 2612.62 close. There has been only ONE higher intraday high since, two lower closes in that time and a net gain as of Friday of 44 points. They need to turn it RED at a point higher than here. Otherwise that lower number starts to look doable.