Agree with NAV, don't see a medium to long term bottom in place.
Don't rule out rallies to 2740; above that I will change my mind and look to trade long.
This is interesting:
"nvestors hoping the sudden volatility would stop and the stock market would get back to its bull run are probably realizing that was wishful thinking. Many market watchers zeroed in on the role of inverse ETFsthat short the VIX volatility index as a sign that this downturn was a freakish blip. But trading in ETFs designed to buy less volatile stocks, known as minimum volatility ETFs, are suggesting a trend more ominous right now: There's no place in the market that's safe to hide — at least not just yet. Stocks that fit a minimum volatility strategy are getting marked down almost as aggressively as the market as a whole.
Based on trading history, the VIX itself has signaled that volatility will not vanish. In a note published Thursday, DataTrek Research took a look at the ETFs designed for minimum volatility and found they are selling off not just alongside the market but almost as much. That leads DataTrek to the conclusion that there's no stock safe from big repricing"