Equity markets slipped on Wednesday but regained their footing by the end of the session. The S&P 500 moved down about 0.25% at the low of the session but found well above the key 4,300 level. The move appears to be confirming a bottom in prices that has been building for several weeks. If this scenario plays out traders can expect to see the S&P 500 moving above the 4,400 level fairly soon.

The risk is in the earrings reports, the peak of earnings season kicked off on Wednesday with news from JPMorgan Chase and Company. The bank reported revenue and earnings that were largely in line with the analyst?s consensus estimates which is far below the market?s true expectations. If the remainder of the S&P 500 report in like fashion the market is in for another round of selling.