Is the recent movement in the S&P 500 a bullish or bearish sign?

During the relentless rebound in January and February, all eyes were on a key level in the S&P 500. The thinking, being that if we could break through 2800, it would set up a move back to the old highs.

The index has broken through twice only to fail, emboldening the bears into claiming the V-like bounce was merely a short-term rally within a larger bear market.