Finally the lows of last week at 1311-1312ish have been broken, and the S&P 500 now sits right at its 100 day moving average. This was the level that held in mid March, other than 1 session which if memory serves was in reaction to the Japan situation.
Generally these key supports don't break on the first test. Again, I expect the news flow tomorrow morning to be the big driver - up or down. Coin flip at this moment which way it goes, but short of such market moving news the trend is not good.