Research shows that when Dow Jones goes 10% below its 21 day MA, it tends to produce a reflex bounce. These kind of occurences are rare.Such occurences on DJ and happen only during major bear markets. They tend to produce reflex bounces. Or bear markets end after such occurrences.We are in a once in a generation bear market so all such past research is not very helpful. But a reflex bounce is a possibility here.
In the chart below green spikes indicate where DJ is 10% below the 21 day MA.
Green Spike= (C / AVGC21)<=.90