Gap and Go

We have a big gap down this morning due to weakness overseas, in particular China.  Euro is going back down again amid supposed pressure from the coming expiration of an emergency 442 B euro emergency funding program.  These don't seem like good reasons to gap down so much.  Which makes me think that it is more of a supply demand driven gap down, which I trust much more.  I am looking for a trend down day.  First strong support area is around 1050.5, area of a big gap, followed by 1046, which is SPX 1050.