After quite a bit of fear and abrupt selling, we're now seeing a turnaround in the SP500 on a Tuesday :)
Holding the 200MA is better than not holding it. This may be the initial bounce after an oversold condition and so i would anticipate the volatility to continue in the coming days. Another re-test of the 200MA is likely (i feel that it is just something markets tend to do) and further data collection is needed before a bigger direction can be determined.