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The S&P 500 closed at 768.54 down 15.50 (1.98%).  If the S&P 500 breaks below 760, we could see a move down to 740.  The Dow closed at 7278.38 down 122.42 (1.65%)  The Russell 1000 closed at 417.54 down 8.69 (2.04%).  The Russell 2000 closed at 400.11 down 13.15 (3.18%). 

Next week will decide the extent of this short-term pullback.  With March 31 fast approaching, I would expect to see all the markets make a nice move off the lows which will probably occur some time next week.

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While the indices have made a nice move over the last two days, We need to see a move over 7,100 on the Dow and 735 on the S&P 500 for this rally to continue.   A pullback to around 700 on the S&P 500 would not negate the upside potential.  I would expect to see a pullback either tomorrow or Friday.  

If we break 700 on the S&P 500, we will probably go back and test the lows from last Friday.

The S&P 500 closed below 850 on Wednesday, Jan 14, 2009. We have bounced off 817.04 on Thursday, Jan 15. We still stand a pretty good chance of testing the November 20, 2008 closing low of 752.44.  All the major indices have broken down technically.  They all could fall a further 5-10% from today's levels.
I would expect to see a 5-8% bounce off the lows before going lower.