The 60 minute S&P 500 chart above shows that we have broken the downtrend that has plagued us since the start of May. This last week the downtrend line has acted as support which is a good sign for the bulls. I expect us to continue to rally throughout the week. I have circled on the chart with some strong resistance which the futures on this Sunday night have blasted through. If we continue this week breaking 1334 convincingly, then we have to test 1358 which is the middle bollinger band on the weekly chart shown below. At 1358 we will either pause this rally or reverse, if neither of these scenarios play out expect us to retest April's highs.
Enlarged $SPX Weekly Stock Chart
Enlarged McCellan Oscillator Stock Chart
Also check out:
Daily S&P 500 chart with resistance and support lines updated daily.
FIO Looks like it is Bottoming