Babak at Trader's Narrative has good track record of leveraging investor sentiment combined with technical analysis to identify major trends and counter-trend. This week's charts have been showing good chance of reversal pattern using the Inverted Hammer. Here is the latest (May 26, 2010 posting): Inverted Hammer Pattern Signals Trend Change.
DECISION: Continue to monitor Babak's interpretation of the market. If this turns out to be the intermediate-term bottom, then monitor the blog for the next resistance point (maybe the technicians will say SPY $115 or $117.5) or maybe the next time reversal (few weeks or few months?).