If yesterday's very strong downside opening was a middle of the third of Minute [i] of 3, then we look for the last subwaves to play out. http://4.bp.blogspot.com/_TwUS3GyHKsQ/TCpT8X9m9SI/AAAAAAAAGGs/rYNJ-V0t-tw/s1600/wlsh10.png This means any bounce today should be met by selling at certain points.
By EW rule, the price low of 1067.89 SPX where I have wave i marked cannot be breached. Realistically it shouldn't get that high as there should remain a blue box virgin wave area created by the middle of the thirds.
So the waves have room to bounce while keeping with the interpretation of wave iv or (iv) of [i]. Using a daily SPX chart the first resistance spans from 1050-1055 or so. Futures shows this area roughly by the blue horizontal line.
The bottom of the "flash crash" candle is also a logical stopping point of 1065. We are extremely oversold on the hourly chart and the RSI is smashed. Higher than that and something else may be going on.