Earlier today I said that the high volume break below 1190 meant that the market was headed for 1175. But now things look different. A stack of successively lower boxes had formed (the last two are the purple rectangles on the chart). If the market was going to drop to 1175 I don't think it would have broken above the top of the last box near 1195. But it did in fact rally above the top of that box (on a wide range bar to boot) and in doing so put in the biggest rally of the drop from yesterday's early morning top.
Now I think this mornings selling on the news from Greece was a shakeout of weak longs (me included). If I am right about this we should see a stack of higher boxes start to develop. If so the market is now near the top of its second box on the way up from this morning's low. I estimate that the low of this second box is about 1193 and this should be support going forward.
I have drawn a trend channel using the last two lows to give me its slope. I think the market is now headed for 1225 or so (green oval). At that point it will become vulnerable to another 30 point break.