I'm not so sure...
I think the worst of the news is out of the way...
sure more bad news will flow... but now ALL the finance companies have gone.... and property has really started to crunch, also retail is dead
So that leaves only one way to go esp with dollar falling and rate cuts.
A solid break above 3,400 and a cut of your trendline would reinforce this.
IMHO... the time to buy is the turn of the next pull back as then you can be sure of the bottom