update

Here is a daily chart of the e-mini futures. The market has stalled for the past week at the 1290 level which I had described previously as strong resistance.

A daily close below last week's low at 1267.50 (dash red line) would mean that the ES is headed down to its 50 day moving average (green arrow - currently at 1241 in the cash S&P 500). A drop to 1240 or so would duplicate the November break (blue dash rectangles). And the market there would meet the lower channel line of the bullish trend channel I have drawn.

So the 1240 level should prove to be strong support and currently my best guess is that the ES will trade there before it trades as high as 1305.