This week, the major indexes made a remarkable comeback from last week's selloff. However, the rally ended almost exactly where it should have. Both the Russell 2000 and the DJ Transportation index rebounded up to their respective down trendline started in mid March, while the S&P 500 and the NASDAQ rallied to near their record highs. This week's rally didn't change the longer term technical picture as long term MACDs of the major indexes continued to move lower. In addition, since they reached a recent high in mid March, the RSIs of the major indexes have been in a downtrend. This week's rally didn't change that picture. All these technical indicators are saying that the market is still in the downtrend started in mid March. It will likely take an S&P breakout to a new high to suggest a trend change.