A relief rally could be close?

Last Thursday, the market pulled off a historic intraday reversal that saw the S&P 500 end the day up 2.6% after losing more than 2% earlier. It marked the fifth largest intraday reversal from a low in the history of the S&P 500, and it was the fourth largest for the Nasdaq Composite, according to SentimenTrader.
The dramatic rebound gave some investors confidence that a more lasting comeback could be on the horizon.
“Markets have attempted a rally several times in recent weeks with no success, though the impressive reversal on Thursday is an indication that a relief rally may be near given the excess degree of pessimism priced into markets,” said Mark Hackett, Nationwide’s chief of investment research.
Hackett noted that institutional investors have remained on the sidelines, while retail investors continued to be in buy-the-dip mode, with positive fund flows in seven-consecutive weeks. $SPDR S&P 500 ETF(SPY.US)$ $Invesco QQQ Trust(QQQ.US)$ $ProShares UltraPro Short QQQ ETF(SQQQ.US)$ $S&P 500 Index(.SPX.US)$ $Dow Jones Industrial Average(.DJI.US)$