You can see at a glance that price action has been extremely volatile, so far, this year and has nearly re-tested the lows of last year's candle. The Momentum indicator remains elevated at an all-time extreme on this timeframe.
At the very least, bulls will have to push the price above the 150.00 level and hold it there to coax investors into putting their money in equities in the near-term...otherwise, we'll continue to see volatile intraday swings, or even a much bigger correction in equities if price falls and holds below the 110.00 level.
UPDATE: Monday August 11 @ 1:11 pm EDT ~ As shown on the 60-day 60-minute chart below of SPX:VIX, today's intraday rally is in the process of filling the gap down from July 31st. However, it has left a gap up from today's open. All prior gaps have eventually been filled on this timeframe, so I'd presume today's will be filled at some point, as well...so the 120.00-110.00 level will need to hold as major support if any serious rally could resume after any gap-fill.