Here is a daily line chart of the number of issues traded on the New York Stock Exchange which advance in price (black line) and the 5 day moving average of this number (purple line). I last commented on this indicator here.
Notice the bullish divergence shown by the 5 day moving average and by the daily numbers during the past three days. Neither made new lows when the market averages did. Since the 10 and 20 day moving averages of the advancing issues number are both well into oversold territory and since this morning's low was above the mid-August low I conclude that the drop from the October 11 high is over.
Note that today's daily count of the number of advancing issues is higher than any of the past two months. I think this means that today's "outside day" is the kick-off for an extended advance which will carry the cash S&P above the 1600 level.