The State of the Trend
The trend is up for the SPX, NDX and DJIA in all three time frames: daily, weekly and monthly.
There is a regular two day FOMC meeting next week. The chances of a sizeable correction before that are minimal. The chances of the FOMC announcing an end to QE III are minimal as well.
The SPX has reached the top of the weekly channel which raises the question, will the current trend continue, or will the SPX kick into a higher gear, more reminiscent of QE I & II:
We don't have the answer yet, but considering that market internals just underwent a rolling correction and are currently oversold, reaching the all time high of 1576 seems inevitable:
The six month channels place the upward target between 1584 and 1600: