The daily met the 1238 target, rallied over night and then was met with hard selling all day today, Thursday.

the next target down is 1196. with all the time frames oversold and the 1196 target is likely a point of support.
the lowest estimate for S&P 500 companies is $100 per share for next year, we are at 12x those earnings now, so valuation is 1200 and we are here now.

a move up thru 1228 could start a retracement up 1265.