Where did the bear case go?

Big gap higher this morning, and it held. Is this a positive sign for the bulls or is this a fake out and part of the bigger down trend that many analysts believe is present? The bulls never give up the market that easy. From a technical and candlestick chart perspective, the market is in a downtrend, therefore until further notice, the current rally is a bear market bounce inside of a larger down move in process. We look at a wide variety of markets from the S&P500, to the small cap index in the IWM. We use market leading indicators such as the financials using the XLF and the semiconductors using the SMH.