The bigger picture weekly chart shows weakening positive momentum, and a rollover is in progress. The sp'1425 level will indeed be very important for the bears to break through tomorrow.
sp'weekly, 2yr
Summary
It really is pretty clear, a weekly close <1425 should be enough to confirm 'trouble this Autumn'.
There are plenty of strong trend/support levels for the bulls. The Oct'2011>June'2012 low is currently around 1370, and that will be exceptionally difficult for the bears to break under in the weeks ahead.
My best guess, the indexes floor somewhere between 1425/00 tomorrow/Monday, and then a rally into opex, maybe as high as the 1460s. Then a critical lower high should be sought. If we can then rollover, the bears will have their first real chance at pushing lower...much lower (the natural multi-month target remains sp'1200 by late November).
Today was pretty troubling at times, had we closed >1440, I'd probably be on radio-silent. ;) The close of 1432 was certainly a relief.
Goodnight from London