The market ended down 1.22% - and that's quite the down day when you consider both where the market has been lately (crashing) and the stunning intra-day reversal it took to reach that down day. This is a massive bear flag for the market. The bulls are not in control in the short term. No.
Caution on this market. Do not take it for granted the market will zoom back up to regain its highs. That's very premature. The SPY experienced a market correction (down 10% by the technical definition) - in five trading sessions. That's not good stuff.
Watch out for the bears tomorrow. Watch out for investors selling any rallies that do occur.