Here is an hourly chart showing pit and electronic trading in the March S&P futures.
With about 45 minutes left in the trading day it looks to me like the market has held support at 1279 and is about to start its rally to 1320.
A small piece of supporting evidence can be found in the daily count of the number of issues on the New York Stock Exchange which advance in price each day. This is the black line in the second chart above this post.
Notice that today's advancing issues count is visibly above yesterday's even though the S&P today made a lower low than yesterday's. This is a minor bullish divergence and is telling us that the reaction from the 1301 level is probably over.
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