The DJIA, S&P, and Nasdaq all gapped down and sold off sharply this morning only to rally back for a gap fill and then chop around sideways for the rest of the day. All three indices have crossed their short-term EMA's (50-day EMA) under their long-term (200-day EMA). The DJIA 50-day EMA hasn't been under its 200-day since October of '05 (it happened in June of '06 for the Nasdaq and April '05 for the S&P).
The question remains; is this the bottom? Has all of the selling been exhausted? It's not usual to see a V-bottom in major index sell-offs. So it would seem that we should be waiting to see a test of this mornings lows for the rest of the week before we see a push higher and get heavy buyers coming into the market.