Trader Update -data point 28 July 2010:

...the SPX appears to follow the script to affirm the July 13 High *1099 and so far has traded down to intraday Low *1103; chances are, the market may still look for further downside before heading higher to take out the June 21 High *1131 but *1099 is expected to limit the downside risk

...above *1131, trendline resistance current *1142 with potential to extend to the April 29 Low *1158 come into view as up-side targets

Long Term:

Kind Regards