I believe the bulls have cleared some important hurdles today. One month ago there was record call buying. Today, a lot of the options that leveraged speculators purchased are expiring worthless. The deterioration of those options have likely contributed to the recent slide and that pressure should now abate. In the past few weeks investors have been de-risking and buying protection. That should put a floor under the market for the next expiration cycle.
Additionally, today's higher close might mean that the vicious cycle of liquidations has ended. While the day after options expiration is often weak I believe next week should be good barring any major developments. Have a great weekend.