On checking the weekly charts, found that the S&P 500 was up against very strong resistance at 1220 and rightly reacted from the level. This level has been good support and resistance several times in the last six years ! The weekly has formed an " Inside pattern " which shows indecision. look for a break from the previous week's high or low at 1227-1177.
Friday saw a decisive break below the uptrend line from 1040. Strong support is at 1182.Resistance is at 1210. Trade light till the cloud of uncertainity clears.
Happy Trading !!