The S&P 500 is currently below 1350 for the first time since the end of July (new 5-month intraday low). This has apparently to do with the so-called fiscal cliff of the US budget deficit, the post-election hangover as well as soft economies in Europe and the US.
1346 seems to be a significant level to respect. If you are not short already it is NOT a good idea to be extra aggressive right now and open new shorts. Having said that the market is still under pressure and i cannot see any technical sign of a turn higher yet.