No institutional selling was detected by the TICK chart last week. This is an important fact as it applies to your trading psychology.
The TICK chart above is through the close of last Thursday and the big sell off on that day. Notice that the -167 at the close is consistent with normal retail trader activity. If institutional traders were selling last Thursday, the reading would have been below -700. The TICK suggests that you should be cautious about going long anything right now but not outright bearish.
I think we need to continue to screen for our favorite chart patterns and build a small list of stocks that you are ready to go long as soon as the major indices show more of a consolidation pattern.