In SPY terms we could see a capitulation over the next couple of days.
It looks like a capitulation is needed to spike volume into fear selling, something which has been relatively lacking since the start of the year (especially when compared to the volumes of September through to November). Bottoms can come in on a whimper but volatility would have to drop off considerably for it to happen and this seems unlikely.
I have entered a YourCall for a push to $84.39 but have run a tight stop on the 2-day low. If the index gaps down then it could fall far (and fast), so not looking to pick a bottom.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts, and stock charts website