Premarket Weakness But Should be Ok as Long as S&P 500 Holds 1175

Markets are weak today, in part consolidating a large 3 day run, but also reacting to some weak European GDP data.  I mentioned last week we had a large range on the S&P 500 from 1120 to 1175.  That was broken to the upside, so I'm going under the guise of resistance turns into support.  As long as that 1175 level holds, things should be ok in the nearer term.  The S&P 500 still remains far below the 200 day moving average so if we can 'ignore' Europe for a while longer there could be upside in the mid 1200s.  But as those who have followed along the past 3-4 years, you just never know when things will matter and when they can be ignored.  None of the issues have really gone away, although the ECB is placing a huge band aid on Italy and Spain.