Based on the impressive and swift nature of Wednesday's reversal, Deron Wagner wouldn't be surprised to see some follow-through to the upside. Nonetheless, the market has created serious overhead over the past several weeks and any follow-through could be short lived.

The Portuguese government has collapsed, Moody’s has downgraded Spanish banks, and the EU leaders are meeting in Brussels Thursday and Friday to come up with soothing words to patch up the structural shortcomings in the Euro-Zone framework.

The stock market indices snapped right back today.

It was widely reported last week that the unemployment rate was down to its lowest level in almost two years.

Freeport McMoran Copper & Gold (FCX) has accelerated above key near-term resistance.

Download Adrian Manz's Around The Horn Intraday Trading Plan PDF March 23.

Dr. Adrian Manz analyzes the major markets, stock sectors, and individual stocks for March 23.

The fact that the 20-day EMA has crossed below the 50-day MA on the Nasdaq, S&P 500 and the DJIA, suggests another move lower.

The FTSE is struggling to make it back above the pivotal 5800 level, which also marks overhead resistance from the cloud formation.

The stock market indices did a reversal today. They were down slightly, but it was a kind of sleepy, slow session.