While I still think that we started a short term bottom formation, some things are lacking like VIX's strength and the up/ down ratio in $NYA. Had the close been strong (I would've held longs overnight), I think the ratio would have been more acceptable. These aren't deal killers but something to note. The ratio should be higher than it was today. We could have a bit more downside before the market creates a short term bottom.
I remain short term cautiously bullish and long term bearish. Chances are it might be a good time to step aside and let the market do its thing as it might get very choppy.