The SPX sold-off to the low 1260's again yesterday and then bounced when the Greek news came out.
As you can see in the chart the market has been trading between 1260 and 1296 since early June. So, if you buy at 1260 and sell at 1296 with a stop a few handles below/above your risk/reward is quite good. ; )
If the SPX breaks out of this trading range the next target areas are 1220-30 and 1313ish.