Looking for a Bounce

I think that we are probably going to get a small bounce within the next week. I'm thinking we made get a short little run towards 800, at which point I think we will continue downward. The McClellan Oscillator is getting to an area where it has bounced recently, and the % of stocks above their 50 DMA is also nearing low levels. Long and Intermediate trends are down, but I would rather wait for a bounce before shorting.

S&P 500