This might have been as simple as an A-B-C countertrend rise to the 50% retracement of the Wed-Fri decline:

Prophet.net

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For an across the board deflation-style sell-off that started with such powerful internals, it would be odd for the move down from January 19 to end with the 10-day average equity put:call ratio not even breaching the mean:

Indexindicators.com

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Treasuries are well-bid and commodities are looking weak. Not much in the way of animal spirits today, though Greece enjoyed a little bounce from its extreme oversold condition. I’d consider buying a Greek ETF if there were one.