Peter Lee, Chief Technical Strategist at UBS believe's the S&P broke out of its trading range in December, but was in overbought territory and due for a pullback.

Here are the near term technical levels:

SPX Support 1240-1250 Resistance 1320-1350
DJIA 10700-10750 11000
NASDAQ 2200 2500-2700
Dollar 86-87 95-97
10 Yr Note 4.2% 4.7%
CRB Index 300 area 340 area