S&P 500 futures are trading just above the key 1380 – 1384 technical zone in electronic trading today. This technical area marks the 61.8% Fibonacci retrace of 1340.25 > 1445.75, and the prior swing lows from late November to date. This previous price action support level could come under pressure on Monday – when the cash markets open – if US lawmakers fail in their ongoing attempts to strike an agreement. This is needed in order to avoid a reported $600 billion in tax hikes and spending cuts which could hurt economic growth heading into 2013 . (full story)