massive doji on daily, sign of volatility returning which would mean likely down, especially after ECB announcement and ahead of FOMC, I predict rate hike.
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Well today's move was interesting, SPX breaking trend line resistance, so SPY followed. right now, I would just wait for FOMC, I don't know how markets will act before then. Markets now are temporarily stabilized, (Dow above 17000) so this gives Fed reason for rate hike and it would follow the plan they announced in December, even though the markets are still discounting 0% of rate hike. I don't think the markets and the Fed are on the same page.
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If they hike, it could lead to very rapid readjusting of prices, but no guarantees.