S&P Is Forming A Descending Triangle
The two areas that you want to watch is the 1173 and 1200. Another level to pay close attention to is the downtrend in the very near-term that is forming off of the November highs, because, along with the support line at 1173, you have a descending triangle forming. I'm not too worked up about the significance of a break of the downtrend, currently at 1192, because it means nothing if it can't break 1200. However, a break of 1173, is a huge problem, and will result in the market flipping over and heading lower - likely to a test of 1150 in the short-term.
Here's the Chart Analysis on the S&P.