1272 resistance level of the S&P 500 was easily broken which derailed what would have been a new short position. This was discussed in 12/21 entry which required the "reject of 1272" to acitvate trade.  More volume entered the market with buyers pushing the market to 1277 before retracing for a test of old resistance level at 1272. The S&P gave something for the bulls and bears to make their case. As we move in to the holidays we can expect more erratic price movement. No trade is often the best trade as was the case here.