Stocks: Bears hate this rally

On June 27, we wrote that "a bounce in stocks is underway; this may be the one that tests the bears' conviction" and offered the below chart to show targets at the 50 and 200-day moving averages.

The first target was hit last week, and after a very brief consolidation, prices have again moved higher. Futures are pointing to a green open today; if bulls can maintain pressure, another wave of bears may be waiting to cover, perhaps fueling a rally comfortably past 4150 resistance up to the 200-day moving average.Bulls should be cautious as the medium-term trend is still pointing downward.

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