Oversold 'bounce' & nothing more?

S&P500 Daily Chart @ close 05/22/2012

The 'indecisive' daily candle suggests that the recent low @ 1291.98 remains @ risk.
The 200day SMA @ 1279.38 likely to stem the 'bleeding' should the 1291 low be breached.
Coincident indicators (CRB Index/ Copper/ Industrial Metals) all lend themselves to new lows short-term for 'risk-assets': equities.