Close to the Bottom

I have been keeping a close eye on the SPX 1370 level, which was the 2011 high and was an important support/resistance level in the middle of the year.  We are less than 10 points away and I expect the level to hold.  We could get a slight overshoot down to 1360.  I don't expect 1325 or even 1350 to hit on this down move.  The first act of the slow motion crash in AAPL is close to completion, which means we're going to have a hard time breaking hard from this level. 

One thing that sticks out is the VIX going down on a day when we're selling off and making new lows.  The smart money is not willing to overpay for options here, meaning we're not likely to see a big move down.