As you likely know, the Dow is trading right around its bear market low set November 20th and the S&P is sitting near the psychologically important 800 level.
Some investors see the glass as half full while others say it's half empty. "There’s a lot of pessimism in the market and that alone could be enough to make me dip a toe," muses FM trader Pete Najarian. In other words all the bearish sentiment in the market has him thinking that we could be near some kind of turning point.
But what do the charts say? For insights we turn to technical analyst Dan Fitzpatrick, president of Stockmarketmentor.com. Following are his main remarks.