Whenever futures trade up and down 40 points in air pockets on little or no news, something is brewing under the surface. It's the kind of action that happens at inflection points.
There has also been a series of lower highs (red trend line) on the S & P Futures. The 150 dma (pink line @ 1986) looks like its poised to be tested yet again:
The 150 dma has been a great buying opportunity for trades, but each time a level of support is tested, it gets weaker.
I'm not sure how many times we can go to the bank on this level. I wouldn't bet on it holding next time, so I'm using the 200 dma (yellow line @ 1961) as my next target.
That level also coincides with December's low, a number that a lot of traders are targeting.