Upside / Downside SPX Targets

We closed Wednesday on some unexpected strength to bring us within 69 cents of completely retracing yesterday's move down. Looking at the Daily chart we're not only within striking distance of the 161.8% retracement of the Feb. 27th slide which would give us a bullish target of $1522, but were also only 13 points away from setting an all time record on the SPX. The number to beat is $1527.57 which was the close on 3/24/2000. Those are the bullish targets for now and before we start trying to pick a top lets remember that we're still in an uptrend that many have been calling tired and overbought for the last 5-6 months (myself included). It's time now to let the market do what it wants and focus on probable upside targets. We have yet to break the 20MA on the daily SPX chart for this entire 2 month move up so the price action and chart are still screaming "Bullish." Elevator is still going up so don't hit the down button until we see real evidence that we're breaking trend. A break of the 20MA is one of the first signs we'll look for. Remember, we're sitting at resistance so it would be prudent to make sure we hold that level before entering any long SPX trades. There is very little support between 1514 and 1507 should we move down tomorrow so proceed with caution. We might look for some consolidation in that 1507 area if we do move down.