As has been the case for a couple of years now, the economic world appears to be hurdling towards an abyss of debt. I don't doubt we'll land there at some point. But for now, there appears to be some technical support around 1330 in the S&P, where a couple of trendlines converge with the 50 day MA.
Speculatively, it appears that the S&P may be forming a rising wedge that would end in early August around trendline resistance that runs from 2007 through the earlier 2012 top. Previous similar trendlines (2010, 2011) proved to be powerless against the rising tide (of Fed intervention?). With Twist scheduled to run through year-end, it'll be interesting to see if that trendline resistance matters. Or if we get back there to find out.