Lets assume we close somewhere between 1390/1400 - which is appears highly probable. A good 1.5% lower tomorrow will get us to the lower channel of what is still a giant bear flag on the 60min cycle. A bounce there would be normal...and then a further wave lower either late Friday or sometime Monday.
One important factor to keep in mind - the bears MUST see the VIX start to show some +10% daily moves soon, if some of the bearish index targets - sp'1340/1300 are to have any reasonable chance of being hit.
Sp'60min
More later!