Forgetting the day to day noise of trading..most indices,not all, are still in a bear market...I define that to be that anyone going short on a break of range Dailies has at this point only been taking profits and as has not been forced to take losses.Some shorts of course in adding to positions have been stung by this point and have been forced to reduce their positions ,or close them entirely. However , virtually all of the ovesold sectors have been cleared and appear to be well on their way to an overbought point for shorts to come back in if the current rally continues which I think it will. Apparently this may well tie in nicely with the 'sell in May' and go away' 😉
Summary , secular bear market ,primary bear market,intermediate bear market rally but clearly if any next attempt at a leg down fails to break the current range low then you have a classic basing market.