That was a worse open than it looked to be headed to about 60-90 minutes ago. The S&P 500 is down over 3% and we clearly are now back in the S&P 1120-1175 range. With the dangerous (to bears) oversold bounce out of the way, its more of a 2 way market, with a downward bias as many of the technical indicators stink. If this continues over the next few days of course the important levels will be first 1120 (where the S&P 500 bottomed a few times last week), and 1100 which was the intraday low on the very volatile Fed day. Back to the upside is the 1175 level that was serving as intraday highs a few days last week, and above that 1200ish which has been right about where the S&P 500 topped out Mon, Tue, and Wed.
But of course, always a bull market somewhere and gold continues to point to more fiat currency debasement, certainly in the U.S. and eventually in Europe. After some 'backing and filling', off to the races to new (norminal) highs we go.