Surprisingly the market made a break to the upside last Thursday on apparent Euro-Zone can kicking. And this week it appears we have successfully retested the breakout point giving the next upside projection to be approximateltly 1385 on the S+P 500 if you take the length of the last few month's trading range and add it to the breakout point.
This seems like a logical first upside target, then expecting the market to take a break there before proceeding into the 1420 - 1470 zone.
Refer to this previous post from February on the significance of the 1470 level, as it matches in length the bull market we had during 2003-2007. Key Levels still remain.
A weekly close below 1215 on the SP 500 would invalidate any upside target and would mean the drop to 950 is back on.
Otherwise it's risk on.