Have we seen the bottom in the US markets for the current sell off? Very likely yes, but the
down side risk is still pretty high. Yesterday, the number of new lows, for both on NYSE and NAZ,
substantially increased to their highest levels for 2013. Also, as of close of yesterday, three (SPX, DJT and RUT) out of five major indices are still trading below their primary uptrend lines.
bulls need this week is a massive rally to push those indices above their
primary uptrend lines. That is a tall order, but Fed's jawboning
(causing massive short covering) might get it done by Friday.