Pre-market Look at the S&P 500 index

Negative news out of the Euro zone regarding ongoing talks held over the weekend on Greek sovereign debt problems has weighed on pre-market futures.  Pre-market indicators point to a weak opening for U.S. indices with the S&P 500 currently -12 points at the 1304 level. 

As the chart below points out, Thursday of last week was the first distribution day since the recent market low on December 19 of last year.  The market has traded in a tight, uptrending parallel channel for 6 weeks without displaying hardly any signs of weakness.  Should today's weakness be sustained throughout the day it will be interesting to see how the market reacts.  

Will we see 1 day of weakness and then bounce right back inside the channel, or will the selling last for several days?  The first area of interest for me is in the 1260 to 1280 area, with my focus on 1268.

Click on the chart to enlarge view: