On the Log Scale S&P 500 has now broken important support at 1,294.98, which should target next important support at 1,248.83.Looking at Linear Scale chart long term support back from March 2009 is located at exactly this support (1,248.83). Only a clear break below 1,248.83 will give a very clear bearish view.
I first assumption is, that support at 1,248,83 will hold for a rally back to at least 1,323 - 1,329 area, before the next challenge of the support. Focus for now should towards the downside.
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