Very oversold rally soon but next day unclear

In a medium term bull market I would usually look for at least a short term rally here. But I unsure if the market had instead turned medium term bearish and if so then I would anticipate maybe another 1.5 to 2 percent correction down before getting the short term rally (the chart above of the SP500 illustrates the red arrow.) The other scenario is the market would get about an 1 percent rally first (as illustrated by the green arrow) and from there will see whether it'll move higher afterward (which would mean we're still medium term bullish) or as from previous comments... a move back down to new lows.

Weak internals hints of more downside

Was late getting this out due to busy weekend. The inability to move above recent highs with internal weakness (majority of individual stocks not moving higher and breaking to new lows on weakness) hints strongly that my 2nd scenario of medium term weakness of at least +5% in order to re-test the 200 day moving average. My 1st scenario of a moving higher did not materialize. So far now unless the major indexes can move back above last week's highs then the risk now is to the downside for the coming weeks.