
Nasdaq hit a new low for this bear market cycle last month in December, the S&P 500 index in October. Since then, we have seen a strong short-term rally in stock prices, S&P 500 is up +13%, Nasdaq Index +12.2% from recent lows. As with last August's short-term rally, this now again begs the question, is the recent rally in stocks the opening act of a new bull market recovery, or is this yet another bear market rally?