Reporting season is a bit of a bottom-up evaluation of the market and from that perspective its hard to see any justification for a further collapse. So many companies are now trading on PEs of 7-8, yielding high single figures or double figures, the more highly leveraged companies have gone, or sitting close to zero. The only way I can see this going down much further is a further collapse in the resource sector (i.e. China). Otherwise the market is both oversold and undervalued and the obvious direction would be up.
This may not be the case for US and other markets so another alternative is that we just sit here squashing up against support while we wait for the US to bottom (or our own circumstances to deteriorate) - more or less what we've been doing for the last few days.
I'm getting the feeling that in the US the financial sector has bottomed and they're now doing a sector rotation to bleed the other sectors a bit more (especially those like health care that have barely suffered). I don't think this need impact us so much as these are largely domestically focused sectors.
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