The bulls needed to hammer three nails to secure the bears' coffin in the short-term:

1. Hold the 1900 level of support on the ES chart above (60-minute chart)

2. Conquer the 61.8% Fibonacci projection line - which acted as resistance yesterday - at 1930.75. That line also happens to correspond with a significant (38.2%) Fibonacci retracement of the December to February decline.

3. Conquer the 100% Fibonacci projection line on the 60-minute chart above. That level comes in at 1964.75. Others are eyeballing the 1950 level on the S&P cash index. For me, I will call for a run to the 2015 highs if 1964.75 is taken out.

Thus far, only #1 was accomplished. Let's see next week if 2 and 3 are done.