The window for the bears to push this market lower is closing quickly, as the market will be maximum oversold at the end of the day today if we head lower. The S&P futures are nine points higher and my guess is that we have already seen the lows and a rally has commenced.
The oversold reading will last through the end of next week. Even if this market is weak I would expect the rally to last through the end of this week at minimum and through next week if all goes well. I believe we will get a retest of these lows at some point but now its time to concentrate on the rally.