If S&P500 stays above 1228 it means we are going higher. This week is option expiration therefore next couple day would be very volatile.
1228 is the most important resistance of 2007-2009 bear market. I would not get into thought prosess because it gets too complicated. All you need to know is that 1128 is critical for bulls.
In technical analysis, we consider 1228 as the key level. Technicians believe if market gets above it S&P500 will shoot for the previous high (2007 high).
The way I react to 1228 is different from other analysts. I believe if market stays above 1228 for a couple days it would be very bullish.
Please note that big institutions usually send the stock above key levels for a day or two to trap average investors before sweeping the chair beneath their foot; and sending the market lower.