It certainly feels like! But, as usual, do not bet your house on it.
While QQQ, and individual big tech stocks had lead the decline so far, there are some mixed signals for the bears as well. Should you be more curious – refer to my last four blogs to see more about APPL and QQQ struggle.
I like to use XME as additional barometer for the market. What I noticed was the recent nice retest of SMA(50) and a bounce back above SMA(200) on the daily chart of XME.
Emerging markets EEM has been also showing an uptrend after breaking out above SMA(200) on 09-13-12 with confirming volume.
Mid caps MDY is trading in a triangle with support at 178 area. While SMA(20) is still trying to cross below SMA(50) and SMA(200) not so far away, this one still has a chance to linger before the election day.
QQQ is not that far away from testing SMA(200). Bears should be careful as this served as a solid support since December 2011.