Below is a chart of the S&P 500 showing the opening range for this year. The high of the first 3 days was 1471.77 and the corresponding low was 1411.19. This gives an opening range of 60.58. The opening range for 2007 was 23.67. The range being over twice that for this year should point to larger swings in the market.
S&P 500 Index(click to enlarge)
As this chart shows, the first target down(1411.19-60.58) is 1350.61. With the volatility of the market as of late, it should not take long to get there. The uncertainty about the size of the impending rate cut by the federal reserve should make the next few weeks very exciting to trade.