What are your thoughts for remainder of day? Two options:
Option 1: S&P bounce from 900, Dow bounce from 8600 and Nasdaq bounce from 1320 support levels signifies the beginning of a rally. The indices gain strength throughout remainder of the day, finishing at HOD. Tomorrow brings continuation of rally.
Option 2: No real capitulation. Traders and hedge fund managers use the initial bounce off of support levels to unload stocks and re-initiate shorts prior to close. We finish last hour with a nasty selloff.