Bottom

Since traders keep hoping for a bottom, as suggested by the too bullish behavior of the put/call ratio (intraday reading),

and since I expect the sell off to continue until after the NFP number, I think the eventual bottom will come in somewhere around 1180 SPX.

I obtained this level by fitting the 61.8 level of the fibonacci matrix to the 1282.86 SPX short term bottom on July the 29th, on a 4 hour chart. This level is also the bottom of the November 2010 5% correction.