Sp'1330 remains the key level to look for, to confirm a break of the bear flag/wave'2 that we are currently in. It is still entirely possible we'll bounce quite strongly off the 1330/35 level.
sp'60min
sp,daily5
Summary
The daily MACD cycle is due to go negative late today or early tomorrow. So if the bulls are going to stall a decline to sp'1300 - by Friday, they'll need to ramp this market back upward from today. Even then, upside target would be no more than 1375/90 range.
The only main news today will be the release of FOMC minutes (2pm). I think that will likely annoy the QE-needy Mr Market. All we'll hear is 'we done QE, we'll remain open to further easing if necessary'. Market needs QE3 NOW, not next month, or next quarter.
I'm very inclined to believe there is a fair chance of a significant snap lower late this afternoon.
Bears needs to see VIX break upward to 19.50/20.00 today, so that's something to keep in mind.
More across the day.