The market is now near the bottom of the mid-October to November lows, but near the top of the Aug/Sep highs. It could be that it's at a support level. (The former resistance is supposed to become the new support.)
If not, we could see a 1000 point drop in which case the old support becomes the new support. Why on earth would any of this work? Because of people like me looking at the charts (see self-fulfilling prophecy).