The bulls were excited early Monday morning, thinking they would be adding on to Friday’s nice gains. They did manage to take the market higher once the market opened for business but it didn’t last long. Instead, by day’s end, the S&P had again closed below its 20 day moving average, leaving it vulnerable to additional selling. The next important level of support is now at 1289 and should that go, expect a revisit of the most recent low of 1266. To the upside, 1335, today’s high, will now serve as the next level of resistance.