That's the number everyone is watching and that's the level that the SPX was barely able to close above today, 1260.31 and just a few pennies away from sending the technical guys screaming a that 1260 was breached.
The daily chart itself looks pretty ugly, but we're still in the safe haven of the uptrend channel we drew a few weeks ago. The fact that the SPX was only able to spend one day above the 30MA is also a big disappointment for the bulls.
The bulls will have another chance next week to go retest the 1290 area and there should be some good support in this 1260 area. Good news next week would certainly help the technical effort.
SPX Daily Chart:
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