Interesting analysis for the SPX from a long term and short term perspective: http://3stocksonfire.org/trading/index.php?topic=10180.msg105357#msg105357 According to Ramsburg, the long term bullish chart is still intact, and he explains the main short term technical references, it worth to have look.
1490-1505 is a "congestive resistance". If taken out, we should expect a test of the highs... no other inference.
Very good analysis. I agree. SPX is range bound between 1430-1480 since end of July. Volatility is high and its not able to hurdle across 1490 area or 1500 area. Its caught between 200 day and 50 moving averages. Once it clears that, we can see some upside moves, till than bet low, don't put on lots of trades, downsize positions, and don't get clipped on the downside moves with VIX rising.