Well, the title says it all, so without further ado, lets have a look at the charts of S&P 500 and Nasdaq.
S&P bounced from an important level of support today around the 1130 mark. Also providing the support in this area is MA(20) at 1133. If the bears do manage to break this level up support, their job still wont be even half done! As S&P has another even stronger area of support at around the 1114 region. Making this support even more important is the presence of MA(50) around the same region. Until this support area is broken, buying on dips should be the story of the day. On the flip side, there is a resistance level at 1150 mark.
Its a similar looking chart for the NASDAQ with the first level of support being in the 2270 region and the second stronger level of support being in the 2220 region. Resistance around the 2325 mark.
Unless these important levels of support are broken, I think being bullish is the high probability play.
To wrap it up:
Support 1 - ~1130
Support 2 - ~1114
Resistance - ~1150
Support 1 - ~2270
Support 2 - ~2220
Resistance - ~2325
Good Luck and be cautious out there! I will be back later tonight with some charts for your watchlist tomorrow.