I believe Margin Liquidation and forced selling is preventing any sort of rebound here despite markedly oversold readings in the market. This includes Mining stocks today and the carnage in FCX is likely spilling over to the PM stocks.

That being said how the S&P 500 reacts to the august lows coming up is going to be key. If we slice through them then we should see a waterfall decline with spikes in VIX, TRIN, put/call ratios and the like followed by a massive oversold rally to at least re-test resistance. The fact that the markets are trying to rally and cannot at this current level is very telling….