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I think there're good chances that SPY will close above the Tuesday's open which is $80.16 either tomorrow or Friday.
This is where the $80.16 idea is from: http://quantifiableedges.blogspot.com/2009/02/2-gaps-down-revisited.html. Because on Tuesday SPY had a larger than 2% gap down, so statistically within 4 days, SPY should close above the Tuesday's open which is $80.16.
SPX has been down 3 days in a row now, which is kind of a good news as from chart 7.0.5 SPX Climax Sell Watch, at least in the past year, there were only 2 cases that SPX was down more than 3 days in a row.
OK, enough statistics, let's talk about signals:
7.1.2 NYSE - TICK (30 min), blue curve, which is 3 day moving average of the TICK, has reached a two months low today, very oversold. A rebound should be close.
1.1.5 PowerShares QQQ Trust (QQQQ 30 min), ChiOsc is till very low, a rebound is sill possible.
3.4.1 United States Oil Fund, LP (USO Daily), green dashed vertical lines, USO rallied when both RSI2 and STO had reached certain oversold level. Now we have this setup again with an additional help of extremely low ChiOsc readings. I believe this is also good for the overall market.
1.4.0 S&P/TSX Composite Index (Daily), USO rally should help the Canadian market. RSI2, STO and ChiOsc on TSX daily chart also argue for a rebound.
If, however, the market crashes tomorrow and Friday, I'll review some very reliable oversold signals, which will be very helpful for guiding bulls to fight back.