It ain't exactly clear, but we have some parameters to watch this morning, that should tell us. Right now at 7:15 AM in New York, the ES is hanging from the lowest downtrending sport line. If they don't climb back above 4375 in the next two hours, then no recovery is likely from the outset in NY. The target would be the August 19 low around 4350.
Here's the 2 hour bar perspective. The 2 hour bar oscillators have reached the level of the August 19 low. If they don't rebound here, we're in for an epic, epic day. Not just epic, mind you, but epic epic.
Here's the one hour bar perspective. The 5 day cycle projection is 4350-55. That squares with the major sport at the August low. I would expect the next sustained bounce to start from there.
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Meanwhile, for your longer term infotainment and edification:
Stock Market on the Brink
Get Ready for the Coming Bond Market Bloodbath
Lots of Sell Signals Again From Friday’s Swing Trade Screen
Useless Banking Indicators Except for One Giant Red Flag