S&P500 has sending mix signals. It has formed pennant ,which from technical stand point is very bullish, but in May 2010 same set up end up badly. Pennant formation give us the target of 1370 . As I mentioned before pay close attention to 1333 for conformed the bullish set up. If S&P500 tanks below 1304 for two days or more it should fell to 1280-1260. As long as S&P stays in yellow channel bulls have the upper hand. I'm a bull as long as the yellow channel is intact. If S&P drops below 1304 I will go short. Big institution may set up a "bear trap". It means we could get a fake out below 1300 support level for a day or two to trap average investors, then on Monday or Tuesday S&P500 could gap open higher and caused a big short squeeze. Lets see how it is going to play out?