In the big picture nothing changed really, We are still in bear market in long-term and medium-term. Nevertheless, take a look at intraday chart:
We did not manage to break 39000 and we have crossed the important resistance of 37400 (sell signal?), therefore I assume the double bottom formation is no longer valid. Nevertheless, intraday charts show just short-term emotions and reflexes. It's worth to observe market in small periods, but our analysis should take into account longer periods.
Make sure you watch video from Brian Shannon (here) and note broken reversed head-and-shoulders pattern in gold. Pretty bearish US market close is showing the most probable direction for WSE tomorrow.
According to the researchers at Morningstar Inc., 91% of all mutual funds in existence have lost money so far this year (article here). Oil, gas are in clear bear market, gold has lost ca.20% from its high. Commodity futures (here charts for Cocoa, Coffee, Orange Juice, Sugar #11, Live cattle, etc.) are in various stages of their trends (subjective, but I'm generally looking for confirmation in lower-high & lower-low pattern in weekly chart), but generall commodity indexes are failing (i.e.: DJAIG, CRX, GNX, AMCI). Could it be we are entering last stage of market cycle (or rather we are already (nice picture of market cycle in this post))?
Sources:
[http://www.dailyfutures.com/livestock/]
[http://www.dailyfutures.com/softs/]
[http://online.wsj.com/article/SB122272238714287459.html?mod=djemWMP]
[http://futures.tradingcharts.com/menu.html]
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