Updated Chart

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(click image to enlarge chart)

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With a push under 1287.50, the battle is on right here for 1278.50…

I have drawn in a dashed red trendline that should serve as an intraday trailing stop line for the most aggressive bears who are hoping for a break under 1278.50.  If bears are unable to get the breakout on this push down, many day traders may cover quickly to get out of the way of a potential futures-led short-covering rally.  The dashed red line represents the most likely intraday protective stop placement for those bears piling on here near the trendline support.

…my .02