SPX aka S&P500 closes above key level

SP500 closes above key level. Can we say the market has recovered? Is it a dead cat bounce before a plunge deep down in the market abyss? Lets analyze.
SPX closes above 2700 which was historic support level but this time it had flipped into resistance.
It is above a long term trend line on the chart
The daily velocity is upwards.
Price above the LSMA on daily
Daily RSai neutral
But below 0.5 fib extension.
The TA is lacking one element for me to call it a recovery. I am waiting for a daily candle or rather a weekly candle to close above the 0.5 fib or around 2800.
If the market shows recovery signs it will be good time to buy in some of the stocks with strong balance sheet.

Stay tuned I will keep you updated if anything changes.