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.
I think the market has begun to stabilize after the big drop from yesterday's close. The S&P's and the Spiders both broke below the 1500 and 149.00 targets but I still think a substantial rally lies dead ahead.
However, the market is extremely oversold as measured by my 10 and 20 day moving averages of the daily advancing issues number. Generally significant lows in the averages occur several days after the low in these oscillators. So at the moment I shall look for a rally in the futures to 1521 and in the Spiders to 151.20. After this rally I think it likely that the futures will againb drop significantly, this time down to 1470 and the Spiders to 146.00 or so before a move to new bull market highs can begin.