Yesterday the futures ended up down 1.5 S&P 500 points. However, with the amount of net sell volume the futures had, the futures should have closed down approximately 10 points. When there is lots of net selling and the market either go ups or goes down only slightly, that is usuallly a sign of a market bottom. I will be keeping an eye on futures on Sunday night to see if the futures bounce or not.
I don't think 1220 is the bottom. 1220 was a huge psychological level and 1220-1240 was a major resistance zone for a while. Barring a false breakdown, if the market moves much lower than where it's at now, there's nothing stopping it until 1170.
Actually, 1208 (50 DMA) may offer some support. Regardless, this is a scalper and day trader's market. Too risky to hold beyond the technical levels. We're trading at technical levels in a market driven by fundamental (and random) news.