We're no zealots when it comes to technical analysis, but it has it's place, especially when in come to "trend."
Without even running any technical studies would could see yesterday that one the price level of 100-28 was crested it established a fairly predictible "floor"
The fact that our price curve was dropping aggressively this morning, but took an unmistakeable bounce off the 100-28 level at the very least is a cautiously optimistic sign. Let's wait and see if it holds.
(don't forget everyone on Wall Street's either already on vacation or has one foot out the door, so volume and/or diversity of market participants today is and will only get lower. So even if we do violate the 100-28, it's not necessarily the end of the world.)