I would like to repeat the yesterday post: "Ideally, it would be an advance to 1326.50, then a pullback to 1304.00 and a rebound to target 1345.10".
A pullback may happen and target [1298.90 - 1304.00] zone. However if this zone is respected, I expect that the next rebound will push price up to 1345.xx.
SPX bullish reading from mix-points
1. RSI14 got into bullish territory by printing 53.51 value and broke out the descending trend line.
2. Stochastics bullish crossover.
3. MACD bullish crossover with the 1ST MACD Histogram bar in green that hints a few green bars can be expected.
4. In the worst scenario of Elliott Wave Theory that the correction began since 4/2/2012 is not over yet, this bounce (from 6/5/12) is marking the end of the first 5-waves correction and it normally is an ABC bounce pattern. The yesterday 1329.05 - high would be A, B would be the low of the pullback (may be made on today or by next Monday), C could be somewhere around 1345.xx.