The biggest problem for the bulls is sentiment. Sentiment is negative as even the few who are bullish are extremely hesitant. Normally this would be good for a rally, but the problem is that the market has fallen 10% since last Monday. Given the size of the drop I would have expected sentiment to be even more negative and to see more panic.
As an example the put/call ratios are showing pessimism and a little panic but not 10% drop in a week pessimism and panic. The good news is that the few remaining bulls are starting to get nervous and the bears are growing increasingly confident. If we do have another leg down sentiment will likely be in place for a good snapback rally.