Welcome Ryan! I'd say it's a temporary good sign. We could bounce off 700, but 741, the old November low that was support, should probably act as resistance on the way up.
If you are in the market, use a rally near 740 to sell, in my opinion. If you are looking to get short - same deal.
If this does turn out to be THE bottom, we will miss it, but then we'll just start to look for pullbacks to buy into.
Good luck!
-- Tom | My Trades