SPY The next couple of days

SPY gapped down huge but buyers stepped in and we saw it make a recovery during the day. The downward channel hasn't been broken yet and the price action the next couple of days will tell us which direction we are headed.

-Price still in downward channel
-A breakout of channel = Bullish move
-Rejection of channel = Another gap down and selling
-Increase in buying volume could indicate a potential bullish breakout so keep watch
- Overall market sentiment still bearish

What do you guys think about this analysis?