Tuesday was a picture-perfect double bottom in the S&P 500, matching the mid-March low. The market not only undercut the crucial 1270 level early in the day, it rallied and then undercut it again all the way to 1260 around lunchtime on the East Coast. The money energy came flooding in at that level, and ran the index up 26 points to close just over 1286. A further move through 1292 today will set this pattern in concrete, and we ought to march pretty quickly back up to the 1326 breakdown point, and then on to the big resistance at 1440. From there we will either see the rally fail, possibly falling to new lows and a real bear market, or after a bit of consolidation more energy will flood in and the slingshot up to new highs will be on. We could see a 20% upturn in a month as the shorts cover, the put buyers panic and the $4 trillion in sideline cash tries to get into the game.