We are going up on extremely low volume,there is no conviction on the upside from big institutions. 1120 to 1150 is the major resistance band. Watch out for pull back!
On the other hand if S&P500 moves above 1150 we would have potential to shoot for 1200. Note S&P must stay above 1150 to hit my bullish target.
This is an interesting interview I recommend to watch it.
Jim Bianco on the U.S. Economy & Housing Market