Equities: As I mentioned this morning, watch the rebound from the lows to see where stocks hit resistance. Then see if they retest lows or keep going. Right now stocks have a tremendous amount of upside resistance -- they are beneath all the EMAs, so moving higher is an incredibly difficult task.
Bonds: just the opposite. Do they hold gains or sell off? I would expect some sell-off, if simply to take profit. But where to bonds find support? Again, look to the EMAs.
In both cases, I'm not expecting any more wild rides, save for one caused by an unexpected, unforeseen event. Right now, EMAs are very important for both technical support and resistance reasons.
I'm thinking markets are in a "pause" mode. Stocks have cleared out some dead wood and parked proceeds into fixed-income for now. Traders are now watching fundamental events to get an idea for where to move next.