The Worden T2108 is Worden's market breadth indicator. It shows you % of stocks above their 40 day moving average. At levels below 20 it indicates extreme oversold level. Levels above 80 show extreme over bought areas.
Last week T2108 reached 16.7 level. From that level market has bounced back. At this stage it is a oversold bounce. It might retest the same level again. If lot more buying comes in at this stage then it might be yet another shallow correction.
Under the hood lot of stocks are setting up for breakout . So market still favors bulls till this rally convincingly fails.