Sentiment is at an extreme bearish level and I am making the call that a rally is overdue.  There is too much downside pressure and all it takes is one small twist of the pressure valve before the bulls come stampeding back in.

I'm seeing signs of support in the SPY's price action while other stock leaders are still looking ugly, they are showing signs of consolidation.

The trend is still down but it could snapback the other direction and if you're not careful, you could slapped in the face really hard.  However, while a short-term rally is due, the question is if it does happen, then can it be sustained?