Stock futures mixed in the early pre-market session ahead of the kickoff of earnings season, as for the S&P 500, any further downside shouldn't be an issue over the extremely short term for a couple of reasons.
Gamma exposure is extremely elevated and likely to remain that way into the July expo this week; CPI a widely-watched inflation number coming this week and nobody wants to get caught offsides into that; Final point, earnings season is on the doorstep and likely to be another quarter of crazy growth, and it could end up a 'sell the news' event when all said and done but not likely to see follow-through in regards to selling ahead of it, with earnings just a week away. 
Rotation front
Small caps and underbelly growth names look the most appealing here "tactically' over the short term. Mega cap techs have been king of the market but really have scorched off this latest pus...