I'd still guess we'll bounce though, not least with the Bernanke looming next Friday morning, and only then do we have the chance of something more major to the downside.
Its a tricky time to be trading this low volume nonsense, but the stop levels are at least pretty clear, short-stops 1426, bull stops sp'1353/49.
sp'daily5
VIX, daily
Summary
Bears should seek a close under 1409, that seems reasonably likely, but if the market gets a bit moody after the Fed minutes are released later at 2pm, then a close in the 1390s is very viable.
If the latter is the case, then a hit of 1380/70 is possible by late Friday.
VIX needs to close in the 16s, as clearly seen on the daily chart.
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Lets be clear, until we're back in the 1340s, none of the doomer bears should have any confidence in any daily market declines.
More later...