As I ran some stocks through technical analysis last night, I noticed a possible trend recurring across several stocks. MACD histograms for these guys looked like it was setting up for a second recovery cycle that just repeated the recent downtrend. What happens after that, if this is the end of the correction or just another cycle, it's too early to tell.
But what I found most interesting is that the trend from these MACD histograms would require about another 10 sessions (8-13 is the range) before we might see confirmation of a long-term rally. Suspiciously, the next Fed rate release is scheduled 10 sessions from now on June 29, the day after my birthday. I'd say it is coincidence, but I'm sure we'll see some strong movements as soon as Big Ben makes his announcement.