Markets rebound but still “going into a bear market”

Markets were mostly higher on Tuesday.

The S&P 500 surged 1.6 percent and the Nikkei 225 jumped 1.4 percent while the STOXX Europe 600 was flat.

Stocks may not be out of the woods though.

“We are seeing an oversold technical rally before we head even lower,” said Sam Stovall, chief investment strategist at CFRA.

“Unfortunately, I don’t foresee this volatility easing too much over the next few weeks,” said Kristina Hooper, chief global market strategist at Invesco.

“Honestly, I don’t see the low being put in yet and I think we’re going to go into a bear market,” prominent market technician Ralph Acampora told MarketWatch.

In contrast, Hayes Martin, president of advisory firm Market Extremes, said that there is “a tremendous surge in pessimism” and sees “a powerful trading bounce” soon.