It is unusual to have two large gaps back to back. This suggests more emotional short covering than more substantial money entering the market. The S&P is still heavily influenced by oil. The market appears to be balancing between the 1944 area and 1804. There is no excess on the lows of the balance. The profiles are skewed with many anomalies also suggesting the rally could have been massive short covering.

Wednesday’s profile:

Feb. 15/16 Profiles: