Time Price And The Next Decision

The most recent high (1164.80) made in December S&P (SPZ1 | Quote | Chart | News | PowerRating) on Nov. 27 was made at both key time and price parameters. As long as this key high is not surpassed, we need to consider it pivotal and consider that we will see continued lower prices from this high. Since this high was made, we have seen a relatively healthy decline in this contract (1125.00 recent low from 1164.80 swing high). What are the next decisions?

On the way day, the next key price support decision now comes in at the 1119.70-1123.30 area. This zone includes a healthy cluster of Fibonacci price relationships. If this zone is attained and holds, I would have to consider covering shorts and even reversing for a trade. If this same key zone is violated, we then have to look for the decline from the recent high to continue into at least the next key zone (1109.00-1112.95 area). Bottom line: I will watch what the market does into this "price decision" and then trade accordingly.