Need more to change our bias

The market was loud and clear Wednesday as the S&P shot up more than 3% on strong volume.

While it appears to be the type of strong institutional buying we've been waiting for, we want to see it convincingly hold above its 50-day moving average.

Beyond that we want to see some type of Leadership asset itself.

Bottom line is today's action is strong bullish signal but we'll need more to change our bias...