SPX Daily Chart - 17 March 2011

     So far the cluster of support between 1265 and 1269 has held. For a developing bounce, the first upside target should be prior TDST support (horizontal dashed green line) at 1286. This is also a 38.2% Fibonacci retracement of the decline. Above that would be the short moving average (red) which will be approaching the 50% fib retracement over the next couple of sessions.
     Over the near term my expectation is that a buy setup will have to form before we can make a meaningful move to the upside.
          Bottom Line: The daily chart remains bearish with the Timeframe Mix at a +50% reading.