I feel like an idiot but I am still bullish
I just think that the two 90% down days put a pretty solid support below here and SPX is making an inverted H&S. The downside volume is not convincing, the supports are still holding. It couldn't even test the 200 dma, so I am thinking it should go up for the ST. Despite the higher low for the day, the equity P/C is very bullish, OEX guys are also net long and encouraging, we'll see...
kisa,
bullish too here, the number of nyse lows and the volume of a/d is extremely convincing in forming either a ST bottom or IT bottom. Since our market is too extended to make a IT bottom, a retest in a few weeks is all too possible.
Today's sell-off confirms the bottoming theory, not the other way around. We are above yesterday's lows and that is important.