Everyone turned bearish yesterday when the market fell 1.5% and are calling for new lows, however, I think the most likely scenario from here is that we push back up to $405 first before the real bear move begins.
After tagging $405, then I think the setup will favor the bears, and think we can fall back to the $370-380 range over the coming weeks.
I expect this move higher to play out by the end of next week.