"A support level penetrated by a significant margin, becomes a resistance level and vice versa" (John Murphy, Technical Analysis of the Financial Markets)
990 once provide some strong support, seen on the daily chart below, but on Monday was broken "by a significant margin" this area is now providing some strong resistance for the market.
One thing that should concern some bears is how the STOCH has moved out of the overbought area and now has become netural. The market is only overbought on a weekly timeframe now.
The resistance at 990 can be seen better on the hourly chart. It failed to close above 990 which also was the 21EMA for the hourly chart on SPX.
SPX has entered another very tight range, untill either 990 is broken or 975 neither bulls or bears have control of the market. Although I am giving a slight edge to the bears, more on that to come. CLIFFHANGER!!!
