The S&P 500 Emini futures had a weak breakout below February low. Bears hope this is simply a breakout pullback and wants a strong breakout and a measured move down. Bulls want a reversal higher from the bottom of the 9-month trading range. They see a wedge bull flag and a lower low major trend reversal setup.
However, the sell-off from March 29 has been strong. Odds are, a pullback (bounce) from here would be minor and traders expect at least a small second leg sideways to down after a slightly larger pullback.