Bargain hunters jumped into the market to take advantage of broken prices after the stock market’s rout of the previous day. Our buying/selling index and our capitulation index confirmed that behaviour. The usual pattern following such an event is a period of large swings and intraday volatility and a last downmove before the market recovers, the time needed to repair the damage. For the time being, market participants have not capitulated and they envision this fall as a buying opportunity, whereas we would like to observe fear and skepticism mounting. The S&P 500 may touch the low 2500 before it really recovers. In a context of rising yields and valuation adjustment, this correction in progress may mark the start of a large trading range that may last the whole year.