Assuming the SPX can get back over the 200 day MA, here are some potential targets.
1130 is a 50% retrace and would be in the vicinity of the 50 MA.
1150 would make a nice head and shoulders, and is a ~61.8% retracement.
1220 would be a double top.
Anything higher would likely create significant negative divergences, and while the rest of the world would be massively bullish, we'll be doing the smart thing and selling into the strength. New highs would only help to enforce the expanding (bearish) megaphone pattern currently on the weekly and monthly charts.
Weekly SPX
First things first though, we really need to get above the 200 day MA sooner than later...Bad things can happen below the 200MA. Fortunately, Friday's rally took both the Nasdaq and Russell back above the 200. SPX should follow?
