I think we will have another up-day if SPX closed today within the box [1370.50-1375.00]. In that case 1378 will be tested and 1380 may be achieved.
The uptrend channel holds firmly, intraday high was just missing 2 points from my target 1380, meanwhile the selling force gives us a warning sign ahead of a possible consolidation or pull-back.
An alternative viewpoint may say a drop day like yesterday is healthy for bulls as long as the uptrend channel is respected.
Trading setup for 3/1/2012
A dip that respects [1359.20-1363.30] is a buy.