Obviously this market was wickedly oversold, with 6 weeks in a row down and the previous week being especially painful on the long side. Those who follow such things say the market has only been down 7 weeks in a row, three times in 40 years. So it's certainly not something one would place odds on.
I'm looking at 2 levels to the upside, S&P 1295 and S&P 1303. The former was the April low that we busted through - and served as resistance last Thursday. The latter is obviously the 100 day moving average. We didn't quite bounce exactly off the 200 day moving average yesterday but darn close.
Since those sort of support levels (i.e. 200 day) are so strong one would be apt to take their short chips off the table on a day like yesterday or Friday, and then put them back on after a bounce. Or alternatively a close below the 200 day moving average.
Sniffing around individual equities, it appears there is a lot of dead cat bouncing as the hardest hit names (the 'momo' boys) are enjoying the biggest bounces.
For the near term the bulls should have the ball - we'll see what they can do with it.