After the recent aggressive sell off in the equity markets, and the sharp spike in volatility, the indices are currently bouncing from oversold levels (daily and weekly relative strength index and Bollinger bands). The S&P quickly rallied into the weekend and now looks to retest the critical 1905 level, which is both the 200 day moving average and the low of the August 2014 sell off. The Dow Jones Industrial Average also bounced last week from its extreme oversold levels. It bounced back above the trend line formed from the 2000 and 2007 peaks but has now met resistance at the Fibonacci 38.2% retracement level, 16,426.
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