I think there's a good chance this morning's selloff completed the pullback from the 6/21 high, or least the first leg of it. The volume on the Qs is running well below that of the last two days. Perhaps traders are still waiting to see what the Fed has to say at 2:15pm. The fact the homebuilders index didn't crash and is now positive on the day after the abysmal new home sales data this morning is also encouraging.
I don't expect that markets will rocket higher this week. We still have some work to do to consolidate the prior two week's gains, but another leg up should begin by the end of June. The SP500 will have to clear 1106 and 1131 to gain traction and that could take a few days.