SPY closed already yesterday below lower on the and if the market opens & closes at another -1,5%, we are way below the lower .
By looking at the historical SPY charts, I'd say there is quite good odds for another blow off selling event, leading to a strong rebound. IF there will be such an event, it is obviously impossible to say from where it will/could rebound but personally I will look what happens when (14) get lower to that 30-level.
Nothing in the price action in the SPY wants me to go long. ....and perhaps that is the best sign there is ;-)