While bearish sentiment has taken a hit, notice that the number of individuals in the Neutral camp has risen and the combined score of both camps is 64 which indicates that nervousness is on an upward trend. We will most likely witness two sharp readings before a long-term bottom is in place. For example, bearish readings could surge well past the 50%, and the combined score of bears and neutrals is likely to move past the 73%.
The masses are far from Euphoric so the markets will continue trading in a wide range until they move to an oversold state. In other words, make a list of strong stocks you like and use pullbacks to nibble.