We are in the correction phase with mid-term target may be 1390 (Typo error, must be 1290)

12.12pm
1374.60 works out amazingly.

With yesterday sell-off that sent SPX down below the MA50, with the final rising trend line (blue) initiated from the 10/4/11- Low was not respected and -DI crossed up +DI for 2days... I can be confidently say that we are in the correction phase.
The correction also agrees with (practically is the inevitable result of) the Rising Wedge Pattern and the Elliott Diagonal Pattern.

For a very short term of few days ahead, bulls may enjoy a rebound, however I think chances are better for bears to short at appropriate resistances.
It's early to say but I think if bulls want to challenge the [1393.80 - 1397.50] zone, I will short over there  with my high confidence/leverage.