We don't want to linger too much on market struggles, but Wednesday offered a reprieve to Tuesday's selling. The NASDAQ finished with a gain of just over 1.5% as it attempted a scramble off the lows and avoid a fresh breakdown. The MACD trigger 'buy' occurred well below the bullish zero line which is not a bullish setup, but I would be more confident if there was a break of the declining trendline.
The S&P has exhibited a sharper rate of decline than the NASDAQ, although yesterday's trading also managed a new MACD trigger 'buy'. On-Balance-Volume is also close to a new 'buy' trigger, although other technicals are firmly in the bear camp—including relative performance.
Small Caps have started to build a base off the low having already delivered a 'buy' trigger in its MACD. Despite been a few days longer in its bullish trigger and continued relative out performance over the NASDAQ it hasn't yet turned sufficiently bullish technically. However, it's in a good place.
Indices have a long road ahead of them if they are to truly to shape a market bottom here. Technicals have started to move in favor of bulls but price is lagging. The Russell 2000 (IWM) is still offering leadership potential and can be tracked for leads.