Here is a 15 minute chart of regular hours trading in the March S&P e-mini futures.
The market bounced off of resistance in the 1290-91 range this morning, dropped all the way back to the early morning low and now has rallied back to the 1290 level.
Volume on this last rally has dropped as prices have risen and thus the volume pattern has stayed in step with its previous bearish message. I conclude that resistance at 1292 will hold and that the market will take another step down to my revised downside target at 1275.
After that I am still looking for a move to 1320.
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