S&P Index seems to be holding the support offered by T1 trend line, which is part of the rising channel, along with the T2 trend line.
The first important resistance is at 1,282 as it reversed the price 4 times in this year. The most important thing for the future days is that the price is moving within the final stage of a complex correction, of which wave c (and Y at the same time) is the last sub-wave.
Moreover, one of the previous charts of S&P 500 (http://markettechnicalview.blogspot.com/2012/01/s-500-technical-analysis-20120105.html) shows the bigger picture where we can clearly see that 1,265-1,294 is a resistance zone.
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