It wasn't a day of carnage like yesterday, and with support coming into play for certain indices there is a chance bulls might be able to mount something here. Volume was down on yesterday, another sign sellers could be exhausting themselves out.

The Russell 2000, having exceeded its August, could be the first to mount a recovery. Keep an eye on relative performance to the S&P; an uptick here could be the cue for a rally back to channel resistance - a decent return.  Alternatively, fish with GTC buy orders down at channel support.

The S&P closed with a spinning top just above August's swing low.  While technicals are in poor shape, price action may be able to offer more. Key will be holding 1,867.

The Nasdaq hasn't yet pushed down towards the August low. Shorts will probably be looking to milk the last of this decline as the risk of a short covering surge for Large and Small Caps indices increases.

NYSE Breadth may also be forming a bullish divergence, although for this to be successful breadth will need to tick up soon.

Nasdaq breadth is close to a repeat of the 2011 bottom. Just Bullish Percents and Percentage of Stocks Above 200-day MA to confirm.

Long Term buyers can be looking to add to their positions as there is plenty of value across Large and Small Cap stocks. Short term, things are turning more neutral after bears had comfortably held control.