The preponderance of evidence is now leaning toward another leg to the downside. From a purely technical aspect, the rally off the lows is not becoming impulsive and suggests it is countertrend to the greater degree timeframe rotation lower from the all-time highs. Volume off the low is declining as price tries to move higher. There simply is not enough buying pressure to drive the Markets much higher. If this does not change, we could be in for another leg lower.
Next week is a holiday week and volume will be very low. Therefore, price development can be skewed.
Pundits are proclaiming this to be a buying opportunity, and it very well could be. However, right now the information coming from the market is to be cautious.