Temporary Bottom?

We're down 10% at this point from the highs and the S&P just touched what was previous resistance for the S&P back in April and November 2010 prior to the move higher that ensued early this year. I imagine if there is a level for the market to relax and look to recover, this may be it.

I will also point out that volume is screaming higher here...usually a sign of market extremes...

More to come as the day unfolds...