After a retest of the ~1290 support line, stocks rebounded and continue to work off their extreme oversold condition. Stochastics on the S&P 500 crossed back above 20 for the first time in two weeks. Greece and the EZ aren't fixed yet and there is a lot of flash PMI data (including the US for the first time) due out tomorrow. Now would not be the time to be overly long.
The NYSE McClellan Oscillator (NYMO) rebounded from a low of -110 on Friday to close at -26. Remember that short-term overbought/oversold occurs at +80/-80.
The number of stocks trading above their 50-day smas at the close is just shy of 20%. This is still technically oversold, but just barely.
Chart of the dollar over SPX, which tends to be a leading indicator for commodities, is still overbought. Bumping up right against resistance at 0.062.