Here's the bigger picture with a well defined channel. As the market plays ping pong between the major (9,50,200) moving averages, trade accordingly.
Notice the RSI @ 32.
But the 150 dma (currently right here @ 1970 in the following chart) has been the line in the sand more often than not. The only time it got violated in recent history was the October meltdown.
I would use this level as an opportunity for aggressive traders to get long. The 50 dma above @ 1996 is a decent first target.
Under 1970 with conviction, however, brings the 200 dma @ 1943 into play. After that, the lower band is calling.