It looks as though real buying finally came into the market yesterday. For a while I didn't think it was going to happen. You can see in the chart (Link 1) that the SPY had a huge gush of selling volume followed by a huge on set of buying volume. This suggests that the selling was exhaustive and the a short term turn around is possible. Still 3.14 is a gigantic move for the spyders SPY so I would look for an orderly pull back on the open to the eight day ema in the 15 minute time period (Link 2). You can see that we had a successful test of the 126 area low. We are long only the IVV if we continue up we will add to it above 135.
Link 1: http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=spy&sid=0&o_symb=spy&freq=1&time=8&x=25&y=17
Link 2:http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=spy&sid=9864&o_symb=spy&freq=1&time=18
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