A higher high than 1378.04 is possible, however if Monday close below the level 1362, then bull will need the support of 1359

SPX weekly
My reading still favors the bulls for an extended time, may be till May 2012.
SPX hourly
A close watch at this chart shows that the price is respecting the lower line of the mini-rising-channel (light blue color) and also the green rising-trend line is supplying a support for this upward movement.

Trading setup for 3/5/1012
A break out of the upper violet line will favor a higher high.
A breach of the lower yellow line may trigger a visit of 1362. A rebound from ~1362 is a buy and hold for the next day.
A Monday close below 1362 may need a support of the bullish flag pattern and the green rising-trend-line at about [1359.00 - 1359.50].

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