ESH5 pullback has reached the downside support zone

BofA Merrill Lynch notes in a report on Wednesday: 

• The ESH5 pullback has reached the downside support zone between 2062.50 (old Jan highs) and 2036.50 (Feb-09 low), with the CASH Index reaching the 100d at 2042.09. 
  
  
• Now, with momentum oversold and yesterday's negative extremes in breadth, volume and the TRIN/ARMS index, we look a base and bounce. 
  
  
• A move back above 2066.50 confirms an intra-day base, while bulls need a break of 2082.50 to expose 2136 (ESH5) and 2156 (CASH)