The Stock Indices have completed what appears to be a longer term three step countertrend rotation lower. However, the rally off the recent lows is not as impressive as I would expect. This leads to a possibility the move lower is not yet complete. Adding to the problem is the US election on Tuesday. That certainly is an event that can change the perception of value on behalf of traders and investors. Therefore, I would use caution the first part of the week.
Shorter term, the Indices have been in a rotation for the last three days of trading. Breaking out of that rotation will likely give us more information as to the direction of the next greater degree move. Market internals are not signaling much to help either. However, volume on the move off the low has been declining, suggesting it could be countertrend to the thrust lower.
In summary, there is simply not enough information from the market in the short term to determine the direction of the next greater degree move. That should be cleared up the first part of the week.