This recent rally has many market pundits believing the market will continue higher, fueled by slightly improved economic data points. The bulls realize that the all important S&P 1130 level is not that far overhead; if they can push the SPX through that level with strong volume, a rally could play out. The charts below are using the S&P E-Mini contract for analysis purposes.
In contrast, the bears look at the S&P noting the ever present head and shoulders pattern as well as the potential triple top formation should the S&P 1130 resistance level hold. While the S&P 1130 level is critical for the bulls, the bears view it as the final stand. The bears realize that if they cannot hold the 1130 level, their party will end and the bulls will happily rub it in their face.