Looks like it is in the process of forming a head-and-shoulder pattern with the neck around 1,042 level, which also happens to be the 76.4% retracement from October low (1,074) to April high (1,422).
1,040 is a very key technical level. Should it break, then the index is heading to 1,290-1,300 very quickly. Apple earnings after the close today might sent the tone for the short-term move in the S&P500. Personally, I think the set-up for Apple earnings is bullish especially given that the stock has already moved lower heading into the print - it's down again pre-open following results from AT&T. We'll see what happens, we'll just have to wait.
