The trading range mentioned this morning is going to be a deciding factor.
On Tuesday the the market may come within range of the 20 DMA which should offer support along with the 200 DMA just below.
Therefore it seems less likely that 50DMA will be tested, and until the 50 is broken I believe there remains a chance of one more blast toward 1300. These Moving Averages fit well with the forks and the Volume Profile which indicates that 1265 is going to continue to offer strong support.
The market has been testing the upper tines of two large downward forks and remains near in the upper range. In theory if the market fails to push through the upper tine the market will soon tire of this and collapse toward the center. So just to be clear, I am not Bullish, but I do see a possible run up next week before collapsing.
15 minute bottoming tail indicates a bounce off
the lower tine (green line). Back in the 1268-1280.50 trading range
established between the 3d and 9th of January.