sp'60min
sp' weekly
The weekly chart gives good perspective for those looking for doom. The weekly 10MA of 1335 will be first support in any pullback, and that is a fair way lower from here. Bears are going to have a real tough time breaking below 1340/30 next week.
Summary
From a MACD cycle perspective, we could already be forming a rounded cycle floor, and trundle higher into tomorrow. There is even the possibility of a Friday close in the 1390s. Will Mr Market rally on 'bad jobs news = Qe3 in August' ?
Those bears shorting this afternoon ahead of the jobs data, its pretty risky, not least with the 60min cycle arguably putting in a rounded floor.
A new short around 1390/1400 (see daily charts) would appear to be the first 'safe zone' for new bear positions.