Short-term oversold at intermediate-term lows can be a powerful combination. Let’s look at the current situation. The 2-day RSI of the SPX closed basically right at 2. The SPX also closed at a 50-day low. Below is a test that shows how this combination has performed since 1985.
We see here a strong inclination for an almost immediate bounce. The edge is very short-term though as it begins to dissipate after just 2 days. Not seen in the table above is that an astonishing 30 of 31 instances closed higher than the entry price at some point over the following four days. The only failure was on March 25, 1994.