Equities continued to rebound on Thursday with the S&P 500 up nearly 1.25% at the high of the day. The index appears to be headed back up to the recent all-time highs but there are risks ahead. Not only is there a chance for strong resistance at the 4,500 that will need to be broken. If the market can not get above that level it will likely remain range-bound with 4,150 as the floor.

The risk for investors is that the market tide may have already turned in favor of the bears. The rally in stocks is driven in large part by short-covering and not by real buying. If the market can not build some true buying momentum a break above 4,500 seems unlikely. Looking to next week, the risk for the market will be geopolitical in nature as there are very few economic or earnings reports on the calendar.