The best case for those playing a bounce is a 2.5%-3% gap down on the SP500 that would take the SP500 to the August/September lows. If that level holds coupled with how stretched and oversold we are, we can get a decent dead cat bounce.
For those who believe that this will be a negative year for the market, I think a level to watch on the SP500 will be the 1500 level. Back in 2013, the SP500 broke a double top pattern; the first top was in 2000, which was retested in 2008 and finally gave way in 2013, that's about 20% away from these levels. By no means is this a prediction, just a simple thought.