Gap Lower; Reaction to the Upside

After gapping down signficantly on the open, the S&P is now breaking higher. It is coming right over its 50 and 20 sma (1 minute chart) strongly and looks set to move higher from here. We'll have to see if this can hold into the afternoon.

Here's a link to a great article that was recently posted on Quant Edges which states that buying gaps down (like this morning) in bear markets is a profitable strategy.
http://quantifiableedges.blogspot.com/2008/01/large-gaps-lower-in-uptrends-vs.html