Wow!!!! What a day!! One for record books surely. What can I say? Nothing. And I am going to stick to that. Except for a couple of points. Firstly, the best thing to do right now is stay out! Don't try and be a hero. Don't try to call the bottom. At this stage, this is a day traders market. If you can't watch the market each and every second, its better not to trade at all. That's my plan and I am going to stick to it.
Let's see how oversold we are after today. But before doing that, I would like to point out that this is for academic purposes only. At this stage, the market doesn't care a damn about technicals. This is purely a news driven market. As can be seen below, both the NASDAQ and NYSE are at their most oversold levels since the Lehman collapse!
Take care and good luck! You are surely gonna need some if you are trading these markets.