This morning I wrote:
Thus far all day, 1295 has been the stymie point. In fact, we are sitting there as I type. Nice to see something normal for a few hours at least. This is the old "support becomes resistance" idea, that used to work like a charm pre 2009. The past few years its been "resistance is futile".
S&P 1306 is a lot more important for the intermediate term - it is the 100 day moving average, and unless my eyes are deceiving me it is begging to take on a downward slope. The 50 day is firmly in downward slope way up at 1323.
Still would be staying small and cautious until we get substantially higher... or lower. This is part of the cursory oversold bounce I mentioned yesterday, until proven otherwise. We're quite oversold still.