Let me guess, QE3........!!!!
Odds have the SPX working on the B wave(blue) up, of the 4th wave(red). Around the 1210 level the SPX will be hitting resistance from the previous lower thick green channel line. Also the SPX has yet to make a higher high above 1207.43 and for that reason I still have an optional bearish scenario, a series of 1-2's down. This pattern IMO carries low odds, but never the less a possibility worth keeping an eye on. Some, not all of the longer-term charts are suggesting that the SPX is entering into a longer-term sell-off.