Well the bull flag setup I was looking at yesterday morning broke up, and I'm expecting to see more upside. How much is uncertain as SPX is nearing a key resistance level in the 1440 area. That area is also the retest of the broken support trendline from March 2009 into the high last year, so it is a significant level. On a break over it the path is cleared to test the resistance levels near the 2000 and 2007 bull market tops, and they are in the 1520 and 1550 areas. There is a high probability that we will see a major pullback from a failed test of one of these three key pivot levels. As you can see from a look at the 2010 and 2011 highs , they both failed at lower pivot tests, so on a break of one level, the next one up becomes a strong target. Here's how that looks on the 15 year SPX chart:
