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The S&P 500 Index had a terrific bounce off of support yesterday. The index popped 20 points higher, recovering everything it lost last Thursday. And the Volatility Index (VIX), used to measure market risk, triggered a new “buy” signal. So we should be ready to rally to new all time highs.

The S&P 500 has reached my downside target for the recent decline. It could fall farther, of course. But conditions are now oversold enough that the downside risk is limited from here. And the potential reward now justifies that risk.

Here’s what to look for in the action today…