The stock market has actually rallied back since the April 10 "day of panic", and the S&P 500 index only managed to fall 4% below its recent all-time high before recovering, so we didn't have an official correction. As of this afternoon, the S&P is only 1% away from returning to the April 2nd high mark of 1890.
Short-term indicators are still bearish, as the recent market action was not sufficiently scary to panic traders. I expect another real correction (> 5%) to manifest sooner than later.
The long-term prognosis for the stock market is also unfavorable. According to seasonal cycles, the expectations for the next six months are as bad as they can be. In addition, a new measurement of "market health" that will be part of the Version-2 MarketBots indicates that conditions are favorable for a crash of 20% or more. In other words, if I see a pre-crash signal in the next few months then I'll sound the alarm without hesitation.