I dont see anything that changed the likelyhood that the market is going into an extended trading range with room for a lower low to 1020. Typically when going into an extended trading range, it starts like this followed by a dead cat bounce and then spends several days testing the low end. Then there is the snap-back rally to the previous highs followed by a more gradual decline to the previous lows. With so much talk of a higher USD (pure advertising by the media to get longs back IMHO) to help talk it up for the Fed, this can be expected but the market wont rally in the face if a higher USD short term to 77-79.
Also, this pullback should be a little more and longer than the last few. So 8% and a few more weeks hanging around the low end of the range would make a lot more sense than a sharp rally back to 1100 or +. So far this does not look like it will be a 9:1 upday in volume.