Last Friday Federal Reserve chairman Jerome Powell stated the Fed was prepared to cut interest rates if necessary to sustain the country's economic expansion that is now being threatened by the coronavirus epidemic. Many analysts are also anticipating the announcement of more QE (quantitative easing) from the Fed soon to slow down and reverse last week's record plunge in equity markets. This encouragement from the Fed helped propel a strong rebound in today's equity markets with the DOW gaining a whopping 1,293 points. The big question here is whether or not any strong rally now will gain any momentum or turn out to be just a "dead cat bounce". We note that we are entering a new reversal zone March 4 - 12. If the rally continues well into that time frame, we may see a top then followed by another drop to lower lows. A rally past March 12 (breakout) would be a much more bullish development with higher prices likely into the end of this month. We will be watching this market carefully now for short or long trading opportunities.