The market has been darting up and down with numerous rapid whipsaws and large gaps. The reason for this type of trading is that SPX is "boxed in" at long term resistance.
The chatter amongst traders recently has become increasingly focused on minute details. Sometimes it is helpful to zoom out and see the "lay of the land". The best charts are often simple ones.
A test of the white trendline is the target that has been proposed for early 2012.
The fact that SPX is currently trading at such an important technical level sets up 2012 to be an interesting year to say the least!