SP 500 September Futures Daily Chart
At least a dead cat bounce after a drop such as this to key support. But heading into a holiday weekend with an important non-Farm Payrolls Report and wavering confidence, anything can happen after that.
The SP 500 Cash Weekly Chart give a better perspective on how important a test of support the market is facing.
VIX is approaching levels where one would either expect the market to stabilize and begin to recover its footing, or quickly break down and fall apart. 
The Nasdaq Composite is in the same situation, so it is clearly a macroeconomic statement, and not something particular to one index.
