SP500 within its 50 day moving average

Couple posts ago I noted that the major indexes could continue higher slowly while majority of the individual stocks will struggle by either consolidating or pull back more on corrections... but the major indexes will eventually start moving lower. And this was the classic internal weakness that has occurred since my last post as the major indexes has finally pulled back in this past week. The SP500 is within 1% of its 50DMA as the stock market has entered oversold conditions. This condition should lead to somewhere between either a quick bottom and rally OR a bottom process that will require more downside probing before an eventual rally. I'm anticipating the latter.