S&P 500 - July 14, 2012

S&P halted its losing streaks on Thursday and launched a nice short-busting move on Friday

Looking at the chart below, it all appears routinely technical off support around 1320

There seems to be resistance around 1360

Question is what will index do after it runs out of squeezable shorts

1320-1360 appears to be a pivotal area. Above that, index has a positive posture, below that, a negative posture, inside that, a neutral chopfest