Monday, I wrote a piece in Barron's Online saying retail was ready to pull back. Indeed, things looked good Tuesday as everything tanked but take a look at Wednesday's action in stocks like Macy's. Bullish reversal on heavy volume.
Old bulls never die or the end of an orderly bull flag? Can't tell just yet but it did seem that the media swung pretty bearish pretty quickly.
Best guess - the S&P moves to the top of its flag-like pattern to make sellers look bad in the short-erm we do have a lower high and lower low in place.