After another weak start, the markets reversed and closed the day with gains. The Dow Jones closed at 10,060.06 (+19.61), the NASDAQ closed with 0.84% gains and the S&P 500 with 0.33% gains.

Oil prices also rose, in another sign that traders are less concerned about finding safe assets. Crude rose more than $1 off its low for the day to settle at $72.52 a barrel.

Despite the positive day, the markets remain weak and while a reversal is possible, it pays to be cautious right now.

The SPY remains on an inverted Head and shoulders, and if it moves higher, today’s low would represent the bottom of the right shoulder. However the RSI shows the bears are still in charge. The RSI is pointing to a new low soon, and the MACD is currently on a bear trend.

The QQQQ also got a nice rebound today. Once it approached the red support line, it quickly reversed to the upside. That’s a bull signal, but the RSI the MACD and the Moving averages cross are pointing down.

The DIA didn’t approached the left shoulder support yet, but once again we have bear signals on the RSI, the MACD and the MA’s.

The market remains without a trend for the medium and long term. The price and the overall pessimism tell us we’re on the bottom. The Technical indicators tell us we’ll be moving down on the next couple of days.

A jump to the Moving averages seems a possibility. But if this is indeed the bottom, it’s necessary to see 1 or 2 upside days with great volume soon. If not, the Indexes will probably retest the low of the year soon.