A few more big picture sorts of thoughts:
The patient money probably hasn't liquidated much yet.
This move has been so fast that various weekly moving averages and other slower indicators have not gone bear.
There is a ton of trapped longs above as well as long term money that can become sellers in due course.
While a tradeable rally may set up in coming days, the fuel may just be squeezing shorts and funds re-balancing.
The bond rally has been stunning
. There is a portfolio sell bonds buy stocks re-balance to be done soon.
That said, trapped longs will use a rally to get out. So, who knows how far a rally can get.
I suspect the high for the year is in, and the mother of all price gaps (2/21 - 2/24) may be there for awhile.
When the December 2018 low was in process, my bear market models fired.
The Fed stepped in, saved the day and inflated the market for the next year.
From a technical standpoint, that 2018 low was never properly tested, nor was the price discovery in process at that time ever allowed to find equilibrium (IMO).
So, it would be of interest to me, as a technical matter, to see the June 2019 SPX low broken (R2K has already done so) and to see what happens if quotes find there way to the range formed by the 2018 low, the 2019 low and the 2018 close.
How is that for some bear food?...