The downtrend got broken by that huge rally, and we saw clear capitulation last week. So IMO it's more likely this is a pullback which is going to form a higher low, than a resumption of the downtrend to break to new lows. I could be wrong but that's what stops/options are for. If the market is forming a higher low, then the upside is very large. So IMO it's worth going long some ES with a stop around 870ish, and also buying some calls (Nov probably best, maybe a bit in Oct for a punt) for a limited risk play on a large rally in the next few days/weeks. One possible scenario is a gap down open tomorrow. In that case, I would buy futures and calls on the gap down with a stop about 20 points below the opening gap for the futures leg. Gap downs often market the low of a short-term pullback, just like Tuesday's gap up was the high of the big fast rally from Friday evening.