The index is now testing February lows near 12,700 USD, and this seems to be the last important support before March lows at 12,300 USD. Sentiment remains negative, and rallies tend to be sold as the "yields problem" still ain't solved.
If the support does not hold, stop-losses of long positions will be hit, which might push the price further lower toward 12,500 USD in the initial reaction.
Alternatively, the first stronger resistance could be located at around 12,950 USD, and if broken to the upside, a further rally above 13,000 USD could occur.
Today marks the quarterly options expiration day. Thus volatility will most likely be elevated throughout the day.
The short and medium-term trends seem neutral as the index has gone nowhere in many weeks, spooked by rising yields in the USA.
