First level to watch is 115.57 and then 116.87. Most likely the rebounce
will stop at 116.87 level and then will have a small dive from this point.
For now, it is wise to close all short position.
With this projected rebounce, three stocks are good for swing trades:
Coach (COH), Delta (DAL), and Micron (MU).
On the 15 minutes chart, SPY is looking for a uptrend. The candle stick also suggests a short term termination of the downtrend. Rebounding from here has better chance than heading south.