Since the May-10 correction ended in Jul-10, SPX has moved up against an atmosphere of doubt and skepticism, and retested the highs. The rise does look impulsive so far on teh daily chart and seems be tracing out a 4th wave, which implies one more attempt at the highs before a significant correction. Short-term resistance around 1205. Here's the 2-hourly chart, showing a break of the downtrendline.
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