I am looking at things a bit different but I see what you are saying {1996} -------- 1200 to 1201 is a psychological level that has implications if broken.
SPX 1200.04 -------- getting close, bulls better grab this market by the horns and hold it up or there will be some real selling coming down the pipe over the next few days.
spx 1196.39 at the close --- tomorrow will have to fight back to hold 1201 quick or we will get more of the same liquidation.
shorting heavy at the spx touching the 1201 spx level today has worked out very well --- this became our exact area of top side resistance today after it was broken yesterday. the first test of a major resistance level in a very weak market is usually a very good short entry.
we will now see if my 1170 area {London bombing low for the es} i discussed can hold --- inflation numbers this week may keep these lows before we can get any consolidation that will solidify the market for some move back up. i have continued to play the short side heavy with all the little pop ups during the day but i am watching for the buy programs to come in heavy one day and show me a short term bottom ---- definitely none of those firing off lately.