Futures are definitely showing a floor of some sorts at 700 indicating that a bounce will happen. I kind of doubt that it will be any serious rally that would actually put the prevailing downtrend at risk, however it probably can be played as a short-term opportunity to make some $$$ via the non-inverse ETFS UYG/FAS. Keep an eye on the old Nov low areas of 741 and the strong resistance at 751-2 as possible uppward limits, but in the meantime looks like the bulls might actually come out and play.