I think that is a relevant data point, but only for the short term, as in it sets a short term bottom.  I too wonder if the market will take it as a positive that the Fed will most likely stand pat with regards to rates next month and likely in December as well. 

Maybe I am being overly negative, but I do not see any short term "positive" catalysts.  Earnings have continued to be ratchetted down, but as it concerned the just past Q3 earnings, well reduced earnings expectations did not do a thing for the markets.

BTW, the S&P's RSI is down to 18, extremely oversold.  Coincidentally it is the same RSI it experienced back in Oct 2014 when the index touched the 1862 level