Since my post earlier this week on market at major support, SPY has been up for 4%, The_Real_Fly has come back to the positive territory YTD, and buydonthold.com has issued a buy signal. Sentiment spread also favors the bulls with a reading of just 7.4%. The only thing that is still holding the sell signal is the $BPCOMPQ, but realize it's a more conservative signal and it is also in the process of turning bullish.
Despite the lighter volume, the market can bounce until it doesn't. So there is no need to fight it. During this short term trend change, and possibly whipsawing sideway movement, it's best to be lightly long or lightly short. In this way, you can accumulate swing positions on either direction with the option to take crumb profits as you see fit.
Notable change of character is YELP. I've noticed it these past two days that the volume has come in and prices have held even as the general market sold off yesterday. This should make Fly real happy. Pair trade shorting ZNGA and longing YELP would have worked well. The 20.50 area could be problematic, however, due to possible overhead supply.