The S&P500 chart above gives perspective to the current price level relative to the bear run from 1554 (Oct/07) to 683 (Mar/09). Over the past three months, the S&P has traded between the .382 fibonacci retracement and just above the .500 fib. The price action of the past three days indicates that the market is working on retesting the recent high at 1150. This level should represent moderate resistance, at a minimum; or more likely, significant resistance given the overbought condition as indicated by the Percent R oscillator. If bulls can clear this level, expect the .618 fib as the next target higher. A failure to break out and close above 1150 will set up a double top structure, which represents a risk of a reversal/correction, targeting the 1060-1050 level. Worst case bearish target suggests a symetrical follow-through to the downside at ~950, although, the .382 fib should provide reasonable support ahead of any move to 950 region.