After a week of selling carnage the markets looked poised for the typical "Santa Claus Rally" that ensues in a few days before and after Christmas. If the markets don't pick up soon and the rally fails to materialize then all bets are off and cash is going to be a real consideration because if a slid takes hold even the mean reversion model will be unable to make any headway.
Current technicals are neutral to bearish but the low volume around the holidays means the big prop shops and the HFT can manipulate the markets with more ease than usual so suspect bullish runs..