20081031 The reversal is in place, with the S&P 500 rising by over 10% this week, the best performance by the index this year. Significant is the first back to back gain in terms of diily closes for the ES and cash S&P 500 index. The triple spike down is a sort of poor man's (pardon the pun) inverted H&S formation.

E-mini S&P 500 chart