Weekly new high 10 moving average in blue and new low 10 moving average in red - also with red horizontal line at current peak in new lows.

New low spikes this decade happened in 9/2011, 6/2012, 12/2012, 12/2014, 9/2015 and 1/2016. Though the recent spike matched 6/2012, in this instance SPX 2.95% but June 2012 -10.5%. RUT / IWM suffered more at about -7% but this was the worst of the USA main indexes by far.

And here's the daily view with new high average exceeding the new low average on 8/31. Recent similar incidences have been good times to commit back to the bullish side.