Stock Market - What's Next

Stocks were down today which is what I've been expecting but now I am looking for a place to get long. Above is a 60 min chart of the S&P500 along with the MACD indicator in the lower panel. You'll notice that the market is now trading at the 50% retracement level. What I would like to see is some kind of bottoming action to take place at roughly the 50% or .618% retracement levels.

One way to time into the long trade might be to simply wait for the MACD on the 60 minute chart to give a buy signal. If I see that happen, I'd look to get long stocks.  Instead of buying the S&P I'd rather buy stocks that have been showing relative strength.  Lets see what happens tomorrow.