This first chart has support and resistance levels calculated from the opening range starting Jan.1,2008.
S&P 500 Index Opening Range (click to enlarge)
Currently the futures are at 828.10, down 4.3%. This will most likely lead to a break of the 865 level and set up a test of 805. Below are some Point and Figure charts. Looking at these charts it isn't until a rally above 970 that things might turn short term bullish.
S&P 500 Index PNF Daily (click to enlarge)
S&P 500 Index PNF Weekly (click to enlarge)
Great Source of information based on Point and Figure charting, Dorsey Wright & Associates link. They offer free online lessons on Point and Figure charting, a lost art. There are also free weekly podcasts that cover various market conditions and outlooks.