Now is not the time to have a bias beyond saying that the trend has been up for a long time now and we are in an election year. The NAZ has closed down 4 weeks in a row, so that clearly is a correction pointing to a cycle low. Should support hold, bears would do well to get out or go long. Conversely, if we break support, bulls should get out or go short. Isn't that what we want? Markets that test support and hold/break that support before they cycle back up? Or markets that have well defined support that if it breaks indicates we cycle much lower? Last year we had a cycle low around Valentines day. Then we had another cycle low around the middle of March. The issue is whether this is just another cycle low or the end of the bull run. In an election year like this one, when the economy is fragile and much depends on consumer confidence for Bush, it is unlikely that the bull run is over. It is not at all uncommon for a peak in January, followed by weakness in February and/or March, followed by a rally into the spring.