SPX is following a baby uptrend channel and heading to the near-term target 1,356.48
SPX daily(take reference 2/5/2012 post)shows the formation of the EW5 of a long-term uptrend initiated from March 2009. Price is following a baby uptrend channel and heading to the short-term target 1,356.48 (the high of 7/7/2011) before any attempt to challenge higher levels.
Trading settup for 2/8/2012 Looks like SPX broke out a Descending Broadening Wedge and the text book target is about 1,353.40.
Buy for the target 1,353.40 or higher if the supports [1,343.50 - 1,345.00] are respected.