The SPX has broken its 23.6% retracement of the rise since October, so the next fibonacci support will occur at the 38.2% retracement at 1096. Yesterday's close of the SPX on the 89-day moving average may provide a bit of support today. The VIX watchers have noticed a 50% rise in the past couple of days, however, I suspect that this move has been created artificially as some products tracking the VXO's performance have been launched. Today's S&P Futures pivot is: 1111.00 with first resistance at 1118.50 and first support down at 1096.80
After the initial opening gap up rally, the market sold back off into the gap, stabilized, and ABOVE the Daily Pivot at 1111.00 all trading has had a bullish bid to it . . . with a rally to a high of 1118.00 coming within a touch of today's first resistance level of R1 at 1118.50 as stated above. The Pivots and associated S/R are working well today.