Here's the S&P 500 as of friday. The bounce from 1200 has been very volatile to say the least, but we do see consistent uptrending support following a straight line from 1200. Until this support line is violated, there may be more low risk/high reward opportunities for options traders anytime the index is approaching this line, or has recently bounced off it. And s we hve seen this week, we can go between heavy support and heavy resistance in the course of a single trading day. But even for swing traders and short term investors, buying in at the support line will be the best opportunity until this bear market rally fails. 

Speaking of rally failure, its reasonable to project we'll see topsy turvy action up until the s&p hits the high 1300's again. This would more or less put the peak in line with the big bear market channel we've been watching for the better part of a year, and certainly since last November. But the market is full of suprises...it will be significant if we hit that expected resistance zone in the high 1300's and don't slow down or turn around. Then its time to consider the possibility of the birth of a new bull market.