I pointed out the 150 dma @ 1925 yesterday and we closed right on it. Everyone's a technician when the market sells off and traders turn into market psychologists.
The easiest way to judge sentiment is to reference the charts. Like a pilot flying blind in a storm, he relies on his instruments to guide him.
During times of volatile, trendless tapes, the algos and the programs tend to play ping pong with the market in between these levels (9, 50, 100, 150, and 200 dma).
Earnings season starts tonight and will give us a clearer picture.
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