Looks like the wheels of the market have come off. I will prognosticate an afternoon rally based on technicals.
Academically speaking, this is a bullish sign/less bearish sign. Volume is high today. Another bullish sign/less bearish sign. The Dow chart this year looks like the Dow in 2005. Interestingly, the Dow chart in 2010 looks like the Dow in 2004. And the Dow chart in 2009 looks like the Dow in 2003.
Once the nasdaq rallies it will push the dow into positive territory and the SPX will close around 1262-1265! Market looks like it wants to push higher and if it does I think it can continue into tomorrows trading session as well, I think the SPX could easily be back above 1275 by Thursday evening.