Here's an update of a chart I first ran two weeks ago. This shows the high-low-close for the S&P 500 since early October. The blue line highlights the intra-day low from October 10th.

As you can see, even though the market has pulled back over the last week, we're still above the October 10th low. We've come close to the blue line, but so far, we haven't fallen through. This is a positive because it means that the market is merely bouncing along the bottom, and not plunging to a new low. Once investors become convinced that the blue line is really a brick wall, it will convince more investors to return to the market.