Somewhat hesitant bounce continued, but there are still many signs of caution. The market may not need to make a new low, but we might need a day or two of weak selling before a larger advance.

SPY above Q1P but still negative YTD (most recent Total market view said that level could act as pivot)
QQQ leading is healthy but rallied to FebS1 twice without going higher
NYA - often reliable - still under Q1P
And must crucially, VIX still above YR3. If smart money was convinced pullback was over then VIX would not be this high.

That said IWM held its YP for two days and several other global indexes held levels that could have broken, like EWJ Q1P, FXI Q1P, etc.

My best guess here is a little higher then a move down. The magnitude of that drop will be telling.

SPY, NYA and VIX below.