A great question. I find that when swing trading, whether long or short, it is usually best to book profits when there is negative or positive divergence on the 60-minute time frame, particularly if the security that I’m trading is at or close to one of my profit targets and/or a decent support level.
Every circumstance is different but for the most part, whether the primary trend is bullish or bearish, I’ll go long when a stock or ETF hits support with bullish divergences in place, ideally on both the daily & 60-minute time frames and vice versa (short with negative divergences on the 60 min & ideally the daily as well).
There are numerous variables that come into play so I’ll just have to see if A) the market does take another leg down soon and B) how the charts look when prices are approaching one or more of my downside targets on any or all of the major stock indices.

Sorry for asking again, but I’m still confused. Why would you consider moving from a net short to net long bias, while still expecting the market to fall another 5% ? Or was this sentence just about being ready to catch bounces on the way down?

Still do. SPY has nearly 1/2% more upside left if it wants to backtest the recently broken uptrend line on this 60-minute chart although it might not have enough gas in the tank to do so. 60-minute charts were oversold on all the major stock indices plus SPY hit that minor downtrend line on the daily with QQQ falling to support on the 60-min last week. Can’t say that I knew for sure that we would bounce, especially as much as we have but nothing has changed on the daily charts nor do I see any decent technical evidence on the 60-min charts that would indicate this is anything more that a counter-trend, oversold bounce.