Whilst the 60min cycle churns around - with no major moves in either direction, lets have a look at the daily cycle.
SP' daily, bearish outlook
The levels are clear for the bears...
Immediate term... <1395, then 1380
Near term.... <1357, then 1340, 1300
Key MAs to break, 10MA: 1389. 50MA: 1385
*It is interesting that two daily MAs are now right in the middle of the immediate target zone 1395-1380.
A break under 1380 will likely (if it occurs), produce a number of consecutive large down moves, I'd be looking for at least one 3% day, with VIX 21/24 eventually.
Finally..a brief chart update on the Sp'60min
The 10MA @ 1404 will be the first barrier. A fail there..and rollover into the close would be the very best the bears can hope for right now.