The very bearish count is that the market is of course in the beginning stages of a P3 wave. In fact if this was the count, then after a dead cat bounce, a big move that slices through 875 will be coming very soon.
Technicals though don't favor this. But if it was P3, technicals can get trampled as we saw in P1.
However the market is kind of short term oversold. Bullishness has plunged and bearishness is back in vogue....That of course would be a perfect setup for a reversal higher somwhere along the way. However you need buyers of course.