Over the last two days, the stock market rebounded, reaching the price objective (2740-50) we mentionned in our previous comment ; the S&P 500 may continue to tread water in this area, an important pivot point lies at 2760. Daily sentiment indicators measured in the option market stand at a fairly neutral level whereas the weekly investment survey among active professional portfolio managers improved strongly. Finally skepticism is increasing regarding the sustainability of the bull market, confirming that the first pieces of a capitulation process are getting in place.