Intraday volatility diminished slightly as bargain hunters started to step in at these levels. Some of our indicators measuring panic selling and extreme fear among market participants reached the green zone although there is still some room for improvement for others. Overall, our risk profile index continues to improve and stands now below the neutral level. The test of the 3050 area is important as this level represents the first important support and may mark the lower boundary of a large trading range that may develop over the next few weeks or even months.