We’re looking for a bounce on the major indexes, and it’s likely to happen near current price levels as the 50-day moving averages come into play as downside targets. 

These technical bounces, or even lack of, at key levels such as the 50-day moving averages tell us a lot about the strength of the Bear.  Unanswered heavy selling will continue to send us lower.  A heavy volume bleed out in this zone could pave the way for more upside as sellers are shaken out. Evidence of real buyers will be key to speculating a resume in the uptrend, as will leadership from growth stocks and bellwether sectors such as finance and technology.