S&P500 (25 years Chart):
I'd like to step back and look at the big picture. on the chart above you see the 25 years S&P500 monthly time frame. 200 SMA should act as resistance. Last time S&P dropped below 200 SMA on monthly time frame was back in 1977.
S&P broke the 200 SMA back in Oct 2007 and failed to move above it since then. We tried to test it this week but S&P failed to close above it. Watch out for 1020-1050 I think it is going to be a very strong resistance.
This is the level that smart money would go to the side line and bears should come with full force. On the other hand if bulls push the market above 1050 the bullish target will be 1130.
S&P500 Possible Moves In August