I think the action might be over for the day. Maybe just chop from here on out. You might catch a nice down spike though if you read it right. Just be quick to get out.
I would think that this action today does not resolve the short and medium term downtrends in the market and we need more festering yet.
That said, I calculated earlier before the open a close near yesterday's, so it could make a run toward vwap, so there is some room. I don't think it'll break it though. probably stop short. Maybe $572.80 on SPY. +/- Edit... $573.09 is what the pencil is saying.