Think the bulls are off to the races? Top trader Josh Brown begs to differ.

"It's important to understand the origin of the recent move," he says in a live interview. "From failed moves come fast moves."

He goes on to explain that last Tuesday bears were unable to break much below 1100 support on the S&P.

"We had a failed breakdown with everyone leaning the wrong way. Short interest in September was at a high not seen since Q3 of September 2008. But when we didn't break down there was a rush of short covering."

He goes on to say, "once the shorts have covered I don't see anyone coming in and buying at a higher level."

Check out the entire conversation. Watch the video now!