From my view of the wave count in the SP500 index, it looks like the current small level wave down is not yet complete. Subwave 5 of 3 appears to be under way, inching toward the 1200 Rubicon. Not labelled, the high point at the end of trading last Friday is also a wave 2 top, at the next higher level of trend. In fact, most of the touches since July 8 at 2's at some level.
The Rubicon could provide some round number resistance. The lower border of the up-slanting channel highlighted yesterday could come into play as well. With waves 4 and 5 looming in the near future, more meanderings across the 1200 line are quite possible.
When it is finally and convincingly breached on the downside, it will be years, possibly decades, before it is exceeded again in any meaningful way.
Look out below.