If we're going to hit the low 1290s...it'll be in this hour. A hit of 1290/92..and we could start to rollover in the closing hour - setting up a late Wed/Thur' move to the 1250s.
Those still long should be well aware of the underlying weakness still in this market. With the Bernanke still to speak this Thursday (10am), there remains some real potential for one last minute wave lower.
*Still long, but looking to close out this hour. Even though I think we could fall 30/40pts in the next 1-2 trading days, I am not really in the mood to take another position today.