Maybe not. Look at WSJ Money Flow data. On such big drop MDD day, money inflow across the board, and especially into financial section which we thought would suffer from OT program. Weird.
In my memory, when such case happened before, some people used it as a "buy dip" opportunity and bulls were still alive.
personally i don't think you can make a call based on a single indicator. I think bull's chances are pretty slim. All the tech leadship stocks are showing big reversals, financial is in the tank again. Materials is also doing bad. Hard to think of a big rally under such condition.