When to re-enter the market?
Until the market as a whole starts showing a little strength, it may well be best to be out of it altogether. Here is a chart of the NZSX50 Index, with 10 assorted technical indicators - how these are used is a very individual decision. Gung-ho players would leap back into the market just as soon as any one of these indicators indicated a change of sentiment. Conservative, cautious investors would wait for all 10 to be triggered before commiting any funds. I favour an incremental approach, investing 10% of my capital as each indicator is triggered. These signals are simply permission to invest - you don't have to act if you can't find anything you want to buy!
Should you be unable to resist some of the "bargains" out there, just remember that buying while the market is falling is more risky than when it is rising, so any "premature" entries should be very closely monitored using short-term indicators and tight stops.
http://h1.ripway.com/Phaedrus/NZSXbuy315.gif