Should it retrace its drop from that level, the chart will form a head & shoulder pattern and the next support may be tested at 1772.4.
Personally I think there will be certainly some 'hesitation' seen at 1809.9 level and eventually after a rally of some short while, the s&p will be back on its 'bull' track towards testing the previous triple top at 1847 level. This opinion is formed with the following personal observations:
1) Unemployment is improving gradually.
2) Traders/Investors did not seem to be badly bothered by the tapering.
3) Sharp rebound from 1740 level may signify the index was deeply undervalued.
PS: this is solely a personal opinion, NOT a recommendation to buy or sell