If you think there is an analog of prices after the June 04 and that one after the November 16, 2012...

Bulls took a big rebound when they got the MA-200-days support and closed the day at a bit higher than the recent high. Bulls are expected to challenge the area 1424.00-1425.00, where the MA-50-days meet with a confluence of Fibonacci levels and a trend line.
If you think there is an analog of prices after the June 04 and that one after the November 16, 2012, that both pullbacks are supported at 38.2% retracement. So you may wonder if Bulls can make 1440.00 before a next pullback?

Consolidation or pullback?

I see a cluster of Fibonacci in the area 1393.00-1395.00 and I expect that area will be "hard to be broken-down" before the area 1377.00-1383.00 mentioned in the recent post.
I keep an open-mind to the idea that prices may consolidate instead of making a "real pullback" in next a few days.

If you think there is an analog between the direction change since the June 04 and the November 16, 2012, there were 4 consolidation days (but not pullback) before the move to break MA-50 in June.

Hourly frame hints a breather or pullback may be necessary before bulls could go further to challenge the level 1425.00

Bulls have made a big progress when drawing prices in a 5-wave impulsive pattern, claimed back the MA-200 days and overcame though a cluster of major resistances in the area 1400.00-1409.00 marked by a rectangle in red color. Looking ahead we can notice the next resistance of bulls is at 1415.00, the 78.6% retracement of the recent fall from 1434.27. But the real challenge for bulls, I think should be around 1425.00, where the MA-50 days meet with a confluence of Fibonacci levels and a trend line.

Take a glance at some indicators of SPX in an hourly frame! It seems that they are in the overbought area, extended, or nearly so and therefore some breather or pullback may be necessary before bulls could go further to challenge the level 1425.00.

In case of a pullback seen in next Monday or Tuesday, I expect the area 1377.00-1383.00 around MA-200 days will provide a good support.

1380.00?

The bounce from the Friday's low looks to form an inverted H&S and the target of it may be 1380.00, which is in the vicinity of MA-200 days at 1282.18.
There is a count that considers the Friday's low be the wave iii of a wave [iii]. It supports the idea that this bounce would make a wave iv before a wave v of a wave [iii] in the main down trend.

There is a H&S pattern in SPX that looks not symmetrical however may still legit with down target at
1330.00.

DJ-30 daily: Though the Friday's close looks bullish as the SPX chart, I stay expecting the H&S pattern should finally works out at the target 12390.13.

Not yet reached the bottom, stay outside or short on a bounce!

11:55AM Update
SPX prices pierced the Fib. 61.8% of the rise from June' low to Sept.' high and bounce to make a bear trap. It may be a sign of a short-term bottom. Hope that Bears who entered the short had managed well the profit taking or stop loss.

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DJ-30 is finishing the H&S pattern. The cluster of H&S target with 78.6% retracement of June's low to October's high of 2012 with 38.2% retracement of October, 2011' low to October, 2012' high is around 12390+/-. This 12390+/- would serve as a short term support for bulls and a profitable bounce could be expected there (May be in need of a conjunction with a Greece deal). My personal view is the bottom of this bearish market can only be found when the US finds a solution for the fiscal cliff.
The equivalence of 12390+/- from DJ-30 in SP-500 is the area 1320.00 - 1310.00
Conclusion: Not yet reached the bottom, stay outside or short on a bounce!

EUR/USD seems finished the wave iv of a bigger wave 3. Today decline would be the beginning of the wave v of 3. Wave 3' target may be 1.2550-1.2500

The T2108 index is telling me "we are near a short-term bottom", however that should not be a real bottom that marks a reversal of a monthly-trend

All major indexes are officially in long term bearish when the major long term trend line from Oct. 4, 2011 and MA-200 days were in turn broken down.
Below I show the daily charts of DJ-30 as an example:

The DJ-30 weekly chart looks more ugly with the price pierced down the longer term trend line originated from the low of March, 2009.

The chart showing 4 indicators from SPX daily hints that a major bottom is not in.

The T2108 index is telling me "we are near a short-term bottom", however that should not be a real bottom that marks a reversal of a monthly-trend.

 Stocks are considered risky, meanwhile EUR/USD and Crude are in bouncing. Silver is well advancing and Gold should be prepare to follow the Silver to be a hidden place.

First targets 1386.00-1388.81 if it bounce...

We can say that 1373.03 & 12743.85 for SPX and DJ-30 correspondingly held yesterday. That is the 3RD days these levels hold and the markets may try the opposite way.

If the market wants to bounce, the first target may be 1386.00-1388.81. The 1402.00 level would be a  very hard resistance.

SPX daily: The market is still in the process of finding a short-term bottom. The indicators I showed are in the oversold area. A falling wedge is seen in RSI and Stochastics. That conditions favor a big bounce in sort-term if the recent low can hold.

Another cautious view is no evidence of a bottom was seen and the market could fall further (normally he need to see a positive divergent)  .

Watching T2108 also hint that a short-term bottom may be around. 

1373.03 & 12743.85 critical points

1373.03 is a critical support level of SPX. If bulls can hold it today, I expect to see Wednesday in a bounce-mode. Otherwise, a downward acceleration may be next.

For sure of a bounce next, bulls may also need to see 12743.85 of DJ-30 to be firm.

Small bounce then a fall over

Not yet the bottom! Prices may take a small bounce to test 1393.00 and fall over then.
Don't rule out that 1373.03 can be taken away by bears.

Expecting the 1380.++ of MA-200 days will supply a better support

SPX may find some supports at the yearly trend line connecting the lows of Oct, 2011 and June, 2012. A bounce is expected, however may be short lived. Expecting the 1380.++ of MA-200 days will supply a better support.

EUR/USD is meeting with the 1.2730+/- the Fibonacci mix of the major down-trend  and the big bounce from the July's bottom and the MA-200 days. Expecting a bounce today or tomorrow?

If it bounce, 1425 may be today's target

EUR/USD is bouncing after making the low at 1.27635. If this bounce is sustainable, the support was a bit higher than the area I expected  1.27547-1.27383.

SPX - Yesterday's low was bought as the market made higher high and higher low. With pre-market's today in green color, bulls are taking advantage.

For day trade, bulls may target the area 1425.00 to meet the trend-line cap.

Rebound was over, bears would target area 1400.00

The EUR/USD continues dropping and it would not favor the US stock markets until the drop meets a support.
I expect a support found in the area 1.27547-1.27383 where is the mix of  MA-200 days and 38.2% retracement of the rally since 7/24/2012 to 9/14/2012.

The precious metals and crude oil have made new lows in the European session, that increases the odds that US stock market would dive today.
I tend to think that the bears would like to try one more time the area 1,400.00.
If a lower low than 1403.28 could be made in a few coming days, I may hope that the correction from 1474.51 would have finished in double zigzag and the market would prepare for a big bounce.

Is the bounce finished or will it target 1441?

Is the bounce an ABC and finished? Bears need to win 1405.95 to confirm.
In a more bullish scenario, Bulls may push prices up to 1441.00 - this level is a cluster of Fibonaccis and I expect it will be a firm resistance.

EUR/USD: The low 1.28827 has been taken away by bears. Next target may be 1.28400.

More bearish ahead?

The bounce at Wednesday's open was short-lived and bulls' disappointment. Looks like 1400.00 will be tested. We may see again a bounce at this support, however, I expect that bears will increase the short on any bounce before we meet the MA-200.
We need to see a real oversold status when RSI-14 plunges into the 10-20 area combining with T2108 trapped around 20 for a while before entering longs. This condition may be found when the prices continue the drop down to and supported by MA-200.

EUR/USD looks Head & Shoulders pattern and the down target would be 1.28850

From a bigger picture (daily) the bounce from below the MA-50 considered failed and the low at 1.28827 will be retested.