The S&P cash index closed over its 200 DMA yesterday and that's over the neckline of a tilted inverse H&S bottom pattern that measures to the all time high of about 1575. If a second close over that line occurs today, the pattern is confirmed.
The Russell is still weak, but the Dow & Nazz shows bullish patterns, too.
The chips showed some power yesterday - I don't own any as I don't like them long term, BUT if you are a trader, those might get beefer backing as they move to the new waterhole. The SOX shows a higher high and a higher low.
I plan to buy some more CSCO today to round out my position. This is a long term hold for me, not a trade. I like Internet related tech for the long term.
Be patient. Buy dips in good stocks.
PS: It's so obvious all Congress is interested in doing are creating the earmarks payoffs for their bribe payors. Despicable.