Early Stick Saves Keep Bears at Bay

After some initial back-and-forth off the opening bell, a broad market bounce is taking shape in a bit more pronounced manner as I write this. 

Bears will argue that after yesterday afternoon's violent downside reversal, an early bounce this morning will merely set up some more late-day weakness. However, we know the trials and tribulations the bear case has suffered through for years now. So, the burden still falls on them to prove their case more effectively. 

Retail stocks, of all things, look to be leading this bounce. And the second daily chart, below, of the XRT sector ETF shows those retailers holding $41, right where bulls needed to. 

And then there is the main event, so to speak, with the small caps in the Russell bouncing again off the $134 level, seen on the first daily chart. 

Both of these parts of the market bouncing off major and fairly obvious support levels will likely keep bears at bay until we see those levels lost with more authority. But that does not make the long side very attractive at the moment, either, especially with the looming potential for another late-day fade.