This looks like the 8th week (starting Mon Jan 22) in which the S&P 500 is trading within a range of 1270-1400 (S&P 1270-1400 Chart).
What this signifies to me is a balance of supply and demand here corresponding to the different views about where we are and where we go from here. That is, you have the bulls who say a mild recession is now priced in and we go higher from here. And we have the bears who see this is as only a weigh station before heading even lower.
A break above 1400 or below 1270 will resolve this. Those levels are the important ones intermediate term.