Market is getting pushed upward by the underlying 60min cycle which remains oversold. With the red VIX, bulls look to be in control this morning
Sp'60min - fib levels
If the 15min chart is any clue, we are due to hit somewhere between 1285/95 within the next few hours, that might easily be the top of minute wave'4 (of the fifth)...and then we fall away into the close and put in one final low Wednesday - below 1265.
The 38% fib of 1292 would be a prime target in the next few hours. it'd certainly fit right into the target range.
It is a somewhat sickening thought, but everything is setting up for a large 1-2 week ramp post Bernanke speech this Thursday.