The daily trend turned down two weeks ago, the weekly trend turned down last week, while the monthly trend of the three main US indices (DJIA, NDX and SPX) remains up.
In addition to the weekly trend turning down, the SPX dropped below the weekly pivot line, and that pegs the next downside target at 1323. Resistance is at 1396:
The pivot line closely mimicks the trendline drawn from the Dec. 28th daily low. As long as the index remains below that line, bears have the upper hand:
The closest daily support level is at 1360, which coincides with the 23.6% retracement of the November '11 - April '12 range: