We got rejected today at the 126 level, previously 127 but these things move down gradually as the SP stays below them for an extended period of time. Have you hedged?
The next resistance level, previously 140, is now 136.6. By the time we get there, it may have moved down to 135 or lower. Tomorrow is CPI and I think majority of people, myself included, are expecting a deflation / disinflation reading, which means there's little room for a sustainable upmove unless the print surprises by 0.3% or more.