"Sold into the closing rally and will look at tomorrow as a brand new market. I doubt we are through with downturns."
probably not because very few people now invest for long term gain in the stock market. A large part are people that create the up and down spikes by short selling and buy/sell in the same day. Whereas years ago you bought a stock and held it for some time, now people are selling before buying it and buying it, watching it run up a few dollars or even cents, and then dumping it for a short term, small gain.
The stock market will be very volitile from now on, as any little sign of trouble, will create a massive selloff. Big swings as profit taking and quick hits will keep the market in a perpetual roller coaster.