I thought everyone might like to step back and glance at the long term perspective. This is a monthly chart of the S&P 500 dating to 1998.
Notice how 1,200 seems to play a critical role as support. I also drew downward arrows on peak volume. The relationship to high volume and severe declines stands out to me.
Where do you think the S&Ps are going from here?
Disclosure: I am long SDS, the Ultrashort ETF on the S&Ps.