1. IT - I divide the IT condition of the market in four categories -
a) strong upward move,

chop near the top while turning down,
c) strong downward move,
d) chop near the bottom while turning up.
I monitor a set of internals (NAA50R, NAHGH, NALOW, NAMO, NASI) and ratios (NDX:SPX, RUO:RLV) to get a feel for IT. Right now, my best guess is we are in b, turning into c.
2. ST - short term, we may be at a bottom. I monitor NAA50R, NAHGH, NALOW w.r.t. their 10EMA. In (

and (d), if they are too far away from 10EMA, market reverses. On the other hand, in (a) or © the market can remain oversold or overbought for longer than expected.
The evidences for ST bottom are -
(i) NAA50R, NAHGH, NAMO, NALOW are far away from 10EMA and turning.
(ii) sentimentrader ST bearishness rises.
(iii) VXN opened gap today that has not been taken care of.
However, the caveat mentioned above remains. Therefore, I am holding on to my previous NDX shorts from early last week (trade not mentioned here), but not adding any more to get max-leveraged. Any pop that resets the internals will get me max-lev. Any pop that shows that the internals and NDX:SPX are bottoming will get me out of short.