Confirmed Market Rebound is Struggling

A confirmed market rebound began last Friday, but the market has struggled since then. 

The 20-RSI is still below 50, and that means the Nasdaq is still to weak too make significant upward gains. 

Not all rebounds succeed, and this is the 4th rebound attempt since the correction began, not that surprising given the bear market.

The 11,000 level is key for supporting a rebound with the strength to end the correction and bear market. On the upside, the 11,700 level needs to be penetrated to change the trend momentum.

Unless the 16 June low is violated (10,565), the market can still remain in slow-rebound mode.

Also, price needs to get above the 50-MA before the downtrend can reverse, and 20-RSI needs to get back above 50.

Unless the market gains more strength, another leg down may occur, so remain cautious.