Those are tough questions to answer and the daily chart is giving conflicting signals, at least how I'm reading it. From the bullish perspective, it's positive that the late October lows did not undercut the August lows. It's also positive that the MACD and RSI are positively diverging from the price action. Both suggest that the recent rally may have legs.
Then, of course, there's the other side of the story. From the bear's perspective, this rally could be seen as nothing more than a corrective bounce for a couple reasons. First, the volume during the most recent rally has been "meh" at best. I'm not seeing any conviction in terms of heavy buying. Second, it's been almost two months since the index last tested its 50 day moving average. In other words, it's overdue and, frankly, it's not surprising.
So from a daily perspective, we have a well-matched battle taking place between the bulls and bears. I'm not going to opine on the short term direction of the market because I don't have a strong feel based on the chart. That said, let's take a look at the weekly chart and see if that helps.
I wish I could provide more definitive guidance for the near term direction, but to use the well known platitude: it is what it is.