Here are a couple of interesting charts I made at a site you should check out sometime: IndexIndicators
This first one year daily chart of the SP-500 details both price and a measurement in terms of standard deviation of the RSI (5) indicator setting. In effect, this chart shows us how "unusually" oversold the SP-500 currently is, as well as how the index of 500 stocks has reacted in the past one year to similar situations.
Click on the chart to ENLARGE
This chart illustrates the relationship between the SP-500 and the 'fear gauge' indicator known as the VIX.
Extremely spikes in the VIX have tended to call market bottoms accurately in the past. Perhaps we are now set up for another market bottom. See what you think.