Bullish signs:

[Tape Reader]

SPX made a new low. SPY made a new low. /ES did not make a new low. IMO, future leads cash. Anyone else?

[badcompany]

My guess is that the market bounces around at this level for awhile. That would keep everyone uncomfortable. Traders who jumped the short side will become concerned that this is the bottom. Longs stay scared that another leg down is on the way.

Right now, I'm just sitting tight with my long term positions.