Here are hourly charts of the September S&P e-mini futures, the Spiders, and the QQQQ's. I last commented on these markets here.
The market has tried to rally several times from support near 1510 in the S&P's over the past two days, but each attempt was met by renewed selling. I now believe that we shall see new reaction lows in the S&P's around the 1490 level and in the Spiders near 147.50. The Q's should drop to 46.60 or so. Once those levels are reached I think the big rally I have been expecting will get underway.