Lets have a look at the charts. Check the sp index daily graph below:
As you can see, sp index traded 1296 when the news of an aggrement among eurozone leaders hit the market and european shares traded around 5 % higher for the day. After then, there have been quite some sessions where 20 day moving average acted as support and 200 day moving average was the resistance. The markets will probably test 50 day MA soon which is around 1205.
The weekly chart is below:
Both 50 week and 20 week MAs are flat, indicating a sideways priceaction for now, 50 week MA as the resistance for now around 1270. Weekly momentum is still bullish.