Probably that the index is in the forming its final corrective wave (C) of the Elliott wave correction pattern ABC that I symbol (A)(B)(C).
For the size and time duration of the correction forecast, please visit the Tab "SPX medium term".
A bounce if any today is extending from the yesterday's intraday-bounce would face a resistance at 1322.06 being the 23.6% retracement of 1363.46 to 1309.27. A next resistance will be the low of 6/21/12 at 1324.41.
On the downside, a fall today would find a support at 1303.xx be the confluence of 61.8% retracement of wave (B) and 23.6% retracement of wave (A).