Well, we had two bullish daily candles, my interpretation, although some may ask how can red candles be bullish? It's the strong bounce off the SPX 2760/65 support zone and a strong finish each day, even if down on the day. With the S&P Futures down this evening, the stage is set for another down opening and strong close.
However, if there is no bounce then the market may sink under the accumulated weight of selling during the past few sessions.
This Marketwatch article suggest there is more strength ahead based on market internals It could be there will be a strong Summer rally that starts immediately after this choppy phase.