Yesterday the market bounced, but the rally attempt was not ...

Yesterday the market bounced, but the rally attempt was not impressive. The popular averages closed in the middle of the day's range on lower volume. The Russell 2000 was the strongest closing up +1.23%. The "rally" looked more like a dead cat bounce than a strong start to a new sustainable up leg.
Given the size and speed of the decline over the last few days, there is undoubtedly some trapped supply out there. At the very least, we are likely to experience more volatility, something I avoid like the plague. Until the market stabilizes and setups start to emerge, I'm pretty much sidelined. For how long? As long as it takes; could be days, could be weeks.
It has been 12 months since the Fed last raised rates, longer than the median eight months. The Fed is now preparing the markets for a September rate cut, indicated by changes in their statement acknowledging that job growth had “moderated” and the unemployment rate had “moved up.”
Fed Chair Powell mentioned a September rate cut is “on the table” if recent data trends continue, but he dismissed speculation of a 50-basis point cut. The July employment report was surprisingly soft, paving the way for a potentially more aggressive Fed. The recent perception shift from inflation to recession is something I warned about, and it's classic