SP and the overall markets(including the chinese, post the massive capital injection) have hit stiff resistance here. If we make our lower high here we have 3 possible counts that make sense after what appears to be an impulse off the low. I am counting the first part of the correction as a WXY, which could complete a 4 wave correction on the larger time frame leading to a potential blow off 5th wave, if thats the case we should expext a higher low here anywhere between .382 to .618 the more bullish the shallower. The deeper a retracement goes expecially on high volume may be a sign that the flat or impulsive correction lower is in play. Considering an impulse off the low and the potential of a 3 OR a C wave up you have to be in favor of buying this dip with the proper signals and stops here. However the fundamentals of the global economy favor a much more bearish outcome, volume will be a key indicator.