Everybody is a technician these days. There is endless talk about the 200 day moving average and a potential head and shoulders top. At the end of the day most people just follow their gut switching between technical or fundamental excuses to justify following the herd.
I am aware that I am just a primate who has undergone a little more of the evolutionary process. That is why I always look at the same indicators so I am not tempted to follow the indicator of the week or the herd.
It is likely the market will need to close above this 200 day moving average in order to get everybody bullish again. It seems inevitable as too many people seem to be leaning short against that level.