According to my analysis and early signals I received yesterday, we may get a major rebound and a rally of the S&P 500 Index from these levels with a target close to 1,363. This analysis holds unless a major change in fundamentals takes place during this week.
It is highly possible that the 200-day simple moving average at this point will act as a repellent of prices and not as an attractor.
Keep in mind that there are many who look forward to a market collapse at this point because of prospects of quick profits that usually reward the short side. Guards of stability are aware of this and of efforts to induce panic and they will counterbalance them (possibly) with a dose of euphoria in the short-term.
Disclosure: no relevant position at the time of this post.