Medium term bullish has been established! And the market's focus next week should be Greece's debt

12.13pm
Seems further discounted prices for bulls might be found in next few days. It's just my vague guess!

Nasdaq is way too bullish by making it's all time high, DJ-30 has closed 10 consecutive days above its major resistance/bearish trend line (Oct 2007 - May 2011).
SPX has just closed its first day above the major resitance/bearish trend line, however by combining all market's activities, I belive that a medium term bullish has been established. The best trade is to follow the trend. The smart bullishers will consider to lighten long positions to have a better welcoming a pullback.
My first thought is to expect a sustainable bullish trend extended untill May 2012 before any important correction.

But what about a pullback that normally happens after the market's showing its overbought state?
I think it all depends on the evolutions of Greece's debt rescue.
We may see a normal, not very deep pullback, after a positive debt deal outcome expected in few working days coming.
In case Greece policy makers could not get through with Euro zone officials for the second financing package? I am sure this will lead to a sharp pullback that may threat the support line (~1,280) of the wave 5.

Day traders may pay attention to SPX - 1,356.48 (July 7, 2011 high) as a resistance and 1,333.00 as a support next Monday.