Believe it or not, the S&P 500 is flattish on the week. We have extreme pessimism and have seen bouts of panic with the VIX spiking. It is not difficult to make a case for a bottom.
The bears have a case for further downside as well. The day after expiration tends to be weak as does the entire week after June expiration. Additionally, if this is indeed a selling stampede today was day 13. Selling stampedes tend to last 17-25 sessions according to Jeff Saut. I believe the long side will be rewarded from these levels but there might be a little more downside first. Have a great weekend.