While the NASDAQ has tested 2600 and the S&P its 200 MA (with both holding up), I am still not convinced this is the bottom. It is too obvious a support level and psychologically investors are still “holding on” versus panicking.
I would like to see us break into the 1230 – 1250 area on the S&P 500. This move below the very obvious 200 MA and March lows trend line support would bring us to the “panic” phase of investor psychology and more than likely signal that the bottom is near. Right now I feel we are in between “Fear” and “Desperation”.
On the flip side, I have no problem being proven wrong. Cash is still king and stay frosty out there 
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